Affluent shoppers have been the fuel for the consumer recovery since 2009. But now, they may be putting away their big wallets.
A new study from Bain & Co. shows that growth in global luxury sales this year will be the slowest since 2009, when spending started to rebound after the financial crisis. The report, by Bain luxury expert Claudia D'Arpizio, said sales will grow 2 percent in current exchange rates, to €223 billion or around $282 billion.
The report said the crisis in Ukraine, protests in Hong Kong, a slowdown in Japan and Europe, and weak sales in China are all weighing on luxury sales. In China, sales are expected to fall for the first time, due to a crackdown on corruption that's stemming sales of everything from watches and wine to handbags and supercars.
Read MoreHow the super rich spend their money
"Slower, but steady, that is the new normal for the global luxury market in 2014," D'Arpizio said in the report.