The survey puts up some tough numbers for the luxury sector: 48 percent of wealthy shoppers find that luxury products are too easy to buy, making them feel everyday, and 52 percent think that brands that have branched out with mass consumer lines are no longer luxury at all, says the site.
And it looks like everyone truly is looking for a bargain; according to WWD, 21 percent of the wealthy consumers surveyed are likely to spend their dollars on discount goods and services with only seven percent budgeting for those discreet luxury items this coming year, reports the source.
(That's not actually so surprising -- we've already seen this trend in Japan.)
While the survey was not comprehensive -- only 427 people participated -- the average annual income was between $250,000 to $350,000, with an average net worth between $2.5 million to $3 million. Not exactly the shabby chic crowd.
These results could be the bearer of bad news for those luxury companies who were betting on wealthy shoppers to snap up their pricey goods, downturn or not. But, it could just turn out to be a good thing if we'll see better-crafted products and more reasonable prices for all.
Tough times aren't stopping some designers from going high-end. Read more on StyleList's coverage of the latest luxury launches.