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The luxury recession

With the financial markets volatile, Wall Street layoffs looming, and consumer confidence hitting its lowest point in five years, purveyors of high-end goods and services say they are starting to register a sharp downturn in discretionary spending. Here are some examples from businesses polled by Fortune.

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Hotels

Bookings at Leading Hotels of the World are down 10% so far for 2008. With corporate clients 25% of the group's business, SVP Dan Neumann expects things to get worse.

By Matthew Boyle

NEXT: Steak

Last updated April 04 2008: 1:00 PM ET

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