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Even the rich seem to have decided life’s little luxuries need to be put on hold for now. The American Affluence Research Center, based in Alpharetta, Ga., this fall asked more than 550 wealthy consumers what they planned to spend more, less or the same on over the next 12 months. The bad news: They were cutting back almost everywhere. The good news: They expected to trim back the least on charitable giving.
This story first appeared in the November 24, 2008 issue of WWD. Subscribe Today.