It's not quite that simple. Often the richest consumers are not hit as hard by recessions and keep spending. And even if they are hit with a glancing blow per

It's not quite that simple. Often the richest consumers are not hit as hard by recessions and keep spending. And even if they are hit with a glancing blow perhaps instead of buying another house, car, boat they might seek comfort in more modest luxury purchases. I saw this first-hand during the post-bubble recession when I was an engineer at a luxury consumer electronics company-- we made lots of money while much of the industry was hemorrhaging. Supposedly sales of Patek Philippe watches actually peak during recessions. [1] [1] http://www.brandchannel.com/features_effect.asp?pf_id=104 http://www.brandchannel.com/features_effect.asp?pf_id=104