I would think the important distinction would be luxury products that cater to the extremely wealthy (as opposed to luxury products bought by people that can barely afford it).
What kind of luxury products cater to only (or even primarily) the extremely wealthy? Superyachts, airplanes, maybe some exclusive villas/hotels, what else? Even supercars are bought by the merely "very" wealthy, who may be affected.
For a watch analogy, consider Tissot vs Omega. The former is considered an "entry-level luxury" brand with many offerings around the $1000 mark, while the latter is a true luxury brand with most offerings in the range of tens of thousands of dollars. Pretty much any broke person can get a Tissot to appear well-off, if they want it hard enough.
For a car analogy, consider BMW vs Aston Martin. Many people in an unfavourable financial sitation can get a well-specced 3-series and appear well-off, while a $200k DB11 is well out of reach for most "pretenders".
Hmmmm... I'm not terribly familiar with watches, but a $200k car is well within the reach of most people with 7 or low-8 figure net worth. Those people aren't so wealthy that their spending habits are recession-proof.
What percentage of Aston Martin buyers are 7-figure buyers as opposed to 9-figure buyers? I'm wildly guessing it's a big percentage, since there just aren't as many 9-figure buyers? Do we have any way to know?
I don't entirely know because I'm very far from being in that demographic. Despite that, I'm sure that there are some super expensive luxury home furnishings.