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Yes, reducing tire pressure can reduce tire life noticeably, and you might notice higher gas consumption too (more rolling resistance).
47 psi seems ridiculously high though. Max pressure marked on the tire should not be correct. Are you sure that's what the manual recommends? What size tires? If the pressure is really too high, then your car is resting only on the center of the tread, which would make it wear quickly and unevenly (and handle poorly). Its generally a good thing to have the tread touch the ground evenly. You can check this by drawing lines across your tires with chalk and then driving around. Or just looking at it sometimes works too - but is probably more difficult with low profile tires.
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