* Wealthy consumers spending less on luxury items * Luxury industry failing to deliver on fundamentals By Patricia Reaney NEW YORK, Sept 25 (Reuters Life!) - Even the world's mega-rich are feeling the effects of the worst recession in seven decades. Luxury isn't what it used to be. Conspicuous consumption is frowned upon and greed has been replaced by a new frugality, according to research on the spending habits of the wealthy. "Across the board, at every level of wealth, we have ...
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