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, reported Robert Frank for CNBC.

"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.

Read more: Penthouses, mansions, and luxury ranches aren't selling across the US — and it could be a recession red flag

But it also signals a shift in demographics and the way the wealthy view status. Millennials 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 discreet wealth, preferring to invest in intangible items like wellness over luxury goods.

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