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Many companies these days are highly leveraged, causing them to rely on a constant supply of cheap credit for growth. Unfortunately, quite a few of them have overdone it, up to the point where they rely on cheap credit for their continued existence, not just their continued growth.
The problem isn't so much that people purchased luxury products, but that companies invested more than they could afford. They expected there to be enough cheap credit and growth to bridge the gap, but the dimished supply of credit and the lessened growth means that acquiring the liquid funds required for bridging the gap has become harder, while the gap itself (ie the time it will take to recoup investments) has grown enormously.
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