Big-spending luxury consumers have continued to splurge on pricey handbags and jewelry, even as the global financial crisis has forced them to cut back in other areas.
luxury consumers - people who buy luxury goods. Luxury goods are expensive products, such as handbags, watches, scarves with fancy brand names like Hermés and Cartier. Luxury goods are sometimes said to "command a premium," which means you can charge extra for them.
(to) splurge – to buy something you don’t really need; to spend a lot of money on something as a treat for oneself.
Despite the global recession, many consumers can’t resist the urge to splurge. And why not? Somebody’s got to keep the world economy moving!
pricey – expensive (sometimes too expensive).
Cartier watches are very pricey, but anybody who gets close enough to your wrist to see the brand name will know immediately that you’re wearing an expensive watch!
(to) cut back– to reduce; to stop spending so much.
With gas prices so high, many people have cut back on car travel.
*From the WSJ article “Handbag, Jewelry Sales Help Lift LVMH's Profit,” published July 30