The wealthy are spending less money on luxury, and it might signal another recession. From penthouses to classic cars, here's what's just not selling in 2019.

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The rich are spending less.

• $4 are saving more and spending less, which could be a recession red flag, $4.
• There have been declines in the luxury real estate, fashion, jewelry, art, and classic car markets.
• Tax changes, demographic shifts, and a $4 are some of the factors at play here.
• $4.

The wealthy are saving more and spending less in luxury sectors like real estate, fashion, jewelry, art, and classic cars - and it could "trickle down" to a recession, $4.

"If high-income consumers pull back any further on their spending, it will be a significant threat to the economic expansion," Mark Zandi, chief economist at Moody's Analytics, told Frank.

There are several factors influencing this trend, including tax changes, according to Frank.

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But it also signals a shift in demographics and the way the wealthy view status. $4 are becoming prime consumers, and they're shopping differently and expressing different interests than generations before them. Meanwhile, the elite are investing in forms of $4, preferring to invest in intangible items like $4 over $4.

Here's a closer look at some of the luxury markets seeing a slowdown in 2019.