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Life of Luxury Just Got Cheaper

Monday, 25 Jun 2012 | 11:35 AM ET

"A lot of these goods and services are priced in euros, so if you are looking at private aviation or hotels in Europe you see that they've been impacted by the strength of the pound against the euro. The other thing is the malaise in the euro zone impacting consumer confidence," Ronnie Armist, executive director at Stonehage Group, told CNBC.