Low key classic styles do better during a recession, among all price points. The rich don't want to flaunt it and everyone else wants styles they can wear for another season.

Look for more Classy, less Croc.

Low key is "in" only for the old rich, the little worlds of the new rich revolve on flaunting it and I would suspect, being able to flaunt it durring the hard times will only add to their egos.

Frankly I've never understood how ANYONE rich or otherwise can justify paying so much money for a brand name. A luxury car costs more but has better performance, more options, etc. than an economy car. Things like handbags however are really no different or better despite the larger price. A friend of mine recently spent 7k on a hand bag. It doens't do anything a $100 hand bag doesn't. The only difference is the little LV brand plate and that is supposed to be worth $6,900???

I couldn't agree more. Although my husband and I are paupers in comparison, we live smack in the middle of the very wealthy on Manhattan's Upper East Side and East Hampton. I can assure you that the nouveaux riches have not curbed their spending. They are happily buying and flaunting. The stories I could tell...

The old money continues to sport their battered docksiders and drive their ancient station wagons. After a lifetime of observing the differences between old and new money, the only things old money are willing to splurge on are sports (boats and golf) and booze. The rest goes into real estate and bonds.