(CNN) At first glance, the number of people buying pricy leather bags may not seem like a helpful bellwether for the health of the global economy.

But solid earnings at LVMH, the fashion conglomerate that owns brands like Louis Vuitton, Fendi and Dior, are a good indicator that consumers are getting comfortable spending on big-ticket items again.

What’s happening: LMVH reported Thursday that its fashion and leather goods division returned to growth last quarter, with revenue rising 12% compared to the same period last year. Shares are up more than 6% in Paris.

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