Even rich consumers are having to cut back during the current economic crisis, according to a report by USA Today.

The news provider spoke to a number of luxury retailers and finance experts and found that cost cutting is not simply an exercise being carried out by ordinary households.

For example, wealthy women are having botox injections instead of expensive face lifts, while affluent holidaymakers are downgrading to cheaper accommodation.

"Those who usually rent Christmas villas are more likely to stay in hotels instead," explained David Arnold, publisher of the luxury lifestyle magazine the Robb Report.

USA Today also cites a survey carried out by Elite Traveler magazine, which is handed out at yacht clubs and on private jets. It found that, until next year at least, over 90 per cent of its readers plan to spend the same or less then usual.

"There is no luxury category that is untouched by this recession," insisted Milton Pedraza of the Luxury Institute.

Meanwhile, figures from the Administrative Office of the US Courts show that almost one million individuals filed for bankruptcy in the 12 months to June.

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