The current global slowdown is hitting those in every economic category, as even the very wealthy rein in spending.
Bankers are losing their bonuses, rich foreigners are losing their perks in tax havens such as Zurich and companies around Europe have already faced bankruptcy and insolvency.
And that is taking its toll on luxury goods makers.
"We have clearly seen an impact in the luxury goods sector, which we have never seen before on a global scale," Rene Weber, a luxury goods analyst from Vontobel, said.
In the US, year on year, there has been a double-digit drop in sales growth, Weber said.
In November, growth fell by 25 percent and in December and the holiday period it was still more than a 20 percent slump.
Recently, the world's second-largest luxury group, Louis Vuitton Moet Hennessy said it would not give an outlook but still aimed to keep 2009 sales relatively constant against 2008.
And speculation that the illustrious 'Fashion Rocks' event would be cancelled this year due to cost cutting procedures only shows no one's safe from the credit crunch.