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Luxury goods and services are being offered at big discounts as the wealthy rein back spending. The average price of an extravagant lifestyle is down almost 4% in a year, said Stonehage, a wealth manager.

Culture and entertainment costs, including concierge services and membership of exclusive clubs, have fallen an average 20.5%, while fine wine and eating out are down 8.2%, according to the research. Household staff and botox treatments are also 13.5% cheaper.