An American Express Business Insights report found that before the recession, "traditional" luxury consumers (translation: old money) made up just 10 percent of the luxury market but did 70 percent of the spending. During the recession, a quarter of those people stopped splashing the cash, and they haven’t returned to their old habits. They now do just 40 percent of the luxury spending, and Generation X and Generation Y shoppers are doing all the rest. "I’m not going to tell you that luxury is back because it never really left," Peter Niessen, vice president of American Express Business Insights, told the Luxury Daily. "But the nature of who that luxury consumer is has fundamentally changed. There is a whole set of new luxury consumers that we have to acknowledge, recognize and market to." An earlier American Express report found that men cut their spending more than women, with middle aged and older men cutting costs the most sharply and not returning to previous spending habits. During the recession, young consumers carried on having "spender benders," with young affluent women outpacing all other groups. Get the full story at Inc. Magazine