From the NYT:

After getting through most of this year unscathed, luxury brands are suffering. Rich consumers who were relatively insulated from the economic downturn continued spending, but that has changed in the last few months. While luxury spending began to fall slightly from June, in October alone, it dropped 20.1 percent, according to MasterCard SpendingPulse, which estimates consumer spending in the retail and service sectors.

That drop-off means more bad news for magazines and newspapers in the United States that had grown increasingly dependent on luxury advertising.

Ad pages at the top luxury magazines fell 22 percent year over year for the December issues, according to Media Industry Newsletter. Vogue, for example, dropped from 284 pages last December, to 221 pages this December, while Food & Wine went from 160 pages to 126, according to the newsletter.