It's not quite that simple. Often the richest consumers are not hit as hard by recessions and keep spending. And even if they are hit with a glancing blow perhaps instead of buying another house, car, boat they might seek comfort in more modest luxury purchases.

I saw this first-hand during the post-bubble recession when I was an engineer at a luxury consumer electronics company-- we made lots of money while much of the industry was hemorrhaging.

Supposedly sales of Patek Philippe watches actually peak during recessions. [1]

[1] http://www.brandchannel.com/features_effect.asp?pf_id=104