Is the so called "recession" affecting ALL luxury brands?

Whispers of a recession have turned into shouts all across the nation and people are scurrying to reprioritize their purchases and the way that money is being spent. But I say, why reprioritize when it comes to purchases, I mean shoes, handbags and apparel are necessities to live, right? In addition, you never spend what you don't have (in the first place) so, keep your same rules, don't change anything and LVMH can vouch for that. Does a wavering stock market mean that recession is on the brinks? Inflated mortgage and auto loan rates, the down-sizzle of large corporations and loss of jobs for the working man all are some very truly, scary factors that are affecting the times of today, but I believe that restructuring of these industries in a way that is beneficial to society (as a whole) and not to one set of individuals needs to be discussed more than just the close proximity of an all out recession. But back to luxury brands, one particular brand is not feeling a recession at all and they grew 8% this year passed the point of 2 million euro's. That brand is Louis Vuitton Moet Hennessy. One particular reason for this Bernard Arnault (47.5% owner of the group) states, "The clientele we deal with is far less affected by short-term economic slumps..." for more info on this click here. In my opinion though, buy what you can afford and do not buy what you can't and if you are out of work, maximize all of your resources from the library, to grants, to household items and ebay, start your own business and keep your head above water the wise, intelligent and legal way. And do your own research. The media is not the "end all, be all" of information.