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Luxury consumers losing the urge to splurge

March 1, 2009

Jewelers Circular Keystone: It was only last summer that the Wall Street Journal was repeating the conventional wisdom that luxury items had not been affected by the recession. But once the financial crisis hit, that changed.

"The recession is impacting affluent consumers just as hard as ordinary consumers," says Pam Danziger of Unity Marketing, which tracks the luxury market. "It's hitting them where their wealth is, in their homes and their investments."

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