Heaven help us, the affluent are getting practical when it comes to shopping.

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Luxury retail, which remained reasonably strong during the Great Recession, may see something of a struggle this year, if CNBC's Millionaire Survey holds true. According to the survey, conducted by SpectremGroup on behalf of the financial network, one-third of Americans with assets of more than $1 million plan to increase their spending on travel and vacations, followed by 28 percent planning to increase their spending on home improvement.

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