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Frugality in fashion for wealthy consumers

By Charles Paikert

January 27, 2009 12:56 pm ET

Affluent consumers are pinching pennies like everyone else, according to a new survey.

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Those with an average income of nearly $200,000 spent 6.4% less on luxury goods such as fashion accessories, electronics and upscale home furnishings in the fourth quarter of 2008 than they did in the third quarter, according to Unity Marketing of Stevens, Pa.

The company surveyed 1,116 affluent consumers between Jan. 6 and Jan. 12.

“Even the richest Americans are holding off on discretionary purchases,” Unity president Pam Danziger said in a statement.

“Specific changes they are making to their lifestyle, according to our latest survey, are reducing the times they dine out and shopping less frequently. Affluent shoppers are showing a new frugality that may well become a habit once this recession ends.”

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