Not yet convinced that the economy is sliding into a recession? Then contemplate this: Even the wealthy are now feeling the pinch.

Tiffany & Co. says that sales at stores in the United States open at least a year fell 2 percent in the holiday shopping period of November 1 through December 31. The disclosure follows two other signs that all may not be well in Richistan: lackluster December sales reports from several department stores that target affluent shoppers and the American Express announcement that delinquencies are up while spending is down.

"It was a challenging holiday season," Tiffany's chief financial officer, Jim Fernandez, said in a conference call this morning, according to MarketWatch. "There is uncertainty about macro conditions and the state of consumer spending in the U.S."

Shares of Tiffany are down 12 percent in morning trading.

Consumer spending had been considered the main force in stoking what economic growth remained late last year. And with high gasoline prices, tighter credit, and a slump in the housing market restraining the middle class, the wealthy were seen as doing more than their share of spending. Indeed, it is estimated that families with incomes above $150,000 typically spend twice the amount of the average American per year.

But economic woes and worries are trickling up—and the change appears to have happened quickly. Tiffany had raised its profit outlook for the year on November 30, but then lowered it today.

The company now expects earnings of $2.40 to $2.43 per share for the year, down from $2.49 to $2.54 per share.

For Tiffany, the good news is that it is an international company, with more than 40 percent of its sales coming from overseas. (One bright spot in the U.S. was spending at the flagship Manhattan store, where holiday sales rose 10 percent, "driven by foreign tourist spending," the company said.)

Sales overall rose 8 percent, thanks to an 18 percent gain internationally. With the dollar weak, bringing home sales in more valuable currencies adds luster to Tiffany's profits.

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