From CNBC:

It appears as if the recession has become all pervasive.  According to some recent annecdotal evidence confirmed between different sources, urban youth are focusing less and less on luxury goods and “bling” jewelry as the economy slips farther and farther into the pits.  According to one statistic from research group NPD, spending on luxury and designer goods in families earning less than $25,000 a year has dropped a severe 29-percent while spending on the same goods in families earning between $50,000 and $100,000 has dropped a relatively paltry 7-percent.

“They want to look good, but they don’t want to spend a lot doing it,” Morris explained.