Welcome to Spaconomics, a new recurring feature. We’ll be using this space occasionally to discuss money matters and the economic aspects of the spa lifestyle. Today’s topic is Luxury Guilt.

With unemployment creeping towards the dreaded two digits (in New York it’s already over 10%, and has been for several months), it’s hard to believe talk of recovery, and no industry has been hit harder in the last 18 months than the luxury retail industry. Well, maybe print media. And finance. Or, wait, the auto industry. Nonetheless: it’s safe to say that in this time of stretched resources and battened-down hatches, not many people have to ability to go out and drop thousands on a new handbag or a leather jacket.

But as the recession has deepened and dragged on, even those people who do have the disposable income for luxury purchases are pulling back from buying. A consulting firm deemed it “luxury shame”, hypothesizing that shoppers feel uneasy about indulging in expensive purchases in a time when so many are struggling to make the rent. The guilt, they say, gets in the way of any pleasure shopping can bring. In response, luxury retailers are recalibrating their offerings to reduce guilty response in shoppers—some brands are donating part of the proceeds to charities and discounting their wares in order to draw once-enthusiastic shoppers back into their former activity of choice.

As the economy slowly creeps out of the trough we’re currently languishing in, will shoppers take the bait? The upcoming holiday season will be very telling, but if I’m being honest, I don’t think it would be the worst thing in the world if the recession left us with a more thoughtful approach to finding a balance between splurging and penny-pinching.

Have you felt guilty making a purchase for luxury or pleasure recently, even if you could afford it?