Experts say that rising oil prices, high inflation and the sub-prime crisis have hit consumers' spending pattern.

Nearly 41 per cent of wealthy Americans may spend less on luxury items in the next one year, amid fears of a weakening economy, says a new study.

"About 41 per cent of luxury consumers are likely to spend less on luxury goods in the next 12 months compared to only 13 per cent who expect to spend more," according to 'Luxury Consumer Confidence' survey conducted by US-based Unity Marketing.

Text : PTI

Image: Shoppers visit businesses that cater to high-end luxury item consumers along Rodeo Drive at Beverly Hills, California. Retailers for America's richest consumers are facing bad times.| Photograph: David McNew/Getty Images