I do not know which country you are from but in my country, during recession, the purchasing power of everyone reduces, including that of  the wealthy ones in the society. People become more interested in items that are of necessity and not just for the sake of luxury. During recession, demand for  luxurious items fall and they are only acquired if the need for it is very important.

When I purchase any item, i go for value whether a luxury item or not. I do not see the need for luxury items most times except such an item is really neccessary to acquire. It must be something of quality, has some unique features which cannot be easily found in regular items or serves as an investment. Many do not really care about the value they will get from investing in luxury brands, as long as such acquisitions will boost their social status and increase their prestige, they are okay. In spite of all these, recession makes lot of people spend carefully, except they didn't work hard to earn that money