Given the luxury industry in France was of equal importance to aircraft and satellite exports the situation and sustainability of this industry is incredibly important for France and as much as 80% of luxury goods produced are for export.
When you look across the luxury industry in France, as reported by an article in The International Herald Tribune in March 2005, and one takes into account "...French perfumes, liquors, beauty products and leather goods they generated about $11 billion in export revenues in 2003, putting those industries in the same league as aircraft and satellite exports..." There has been several additional years of export growth with emerging markets such as Russia, China and India so that figure will have grown further.
Many of the world's leading luxury brands were founded in France, the heritage and rich culture of luxury goods and services is of paramount importance to the culture of France and the association the world has is often France equals luxury or luxury equals most things French.
There is a crisis brewing on the morals and values placed on luxury goods and services and an article in the New York times yesterday "In The Lap of Luxury, Paris Squirms" reports on some of the thoughts on this subject. Economic morality is fast becoming de rigeur.