"Some of us feel we deserve it and revel in unabashed luxury. Some indulge in it, but feel they maybe should not have. Some cannot afford it, but want it. And for many, it's simply not even a consideration,"

"Of course, a recession makes luxury retail even more challenging. Selling things that arguably people do not need during a time when many are at least morally forced to examine their spending patterns makes for interesting times."

While luxury goods are, in essence, supposed to make people feel good, the survey of respondents across Europe, Asia and the Americas revealed that 32 percent of luxury buyers flagellate themselves after making their purchase.

"The luxury goods market in the U.S. has been hit hard by the economy. Many retailers have now designed product and pricing strategies that appeal to a more austere, guilt-ridden consumer,"

NOT GUILTY

At the other end of the scale, a majority of respondents in India, Brazil and the Netherlands say they do not feel guilty after a luxury purchase, mainly because Indians and Dutch are "sensible" about spending their money while Brazilians tend to be more "hedonistic", the survey said.

A majority of luxury lovers also tend to love showing off their purchases. Nearly half of all respondents said they preferred to buy items with a obvious designer logo, especially in India, Hong Kong and the United Arab Emirates, where many people believe in the adage "if you've got it, flaunt it".

There are those who like a more subtle approach, with the survey showing that many Brazilians, French and British prefer luxury goods without a logo that screams in your face.

The number one answer? A luxury car, followed by fine jewellery, designer clothes and gadgets.