Low grade fashion week

http://www.usatoday.com/money/industries/retail/2009-02-11-fashion-week_N.htm

The recession is hitting our economy in every aspect possible. This article points to the fact that even that the most fashionable and expensive brands are downgrading during fashion week. Multiple brands are scaling down there shows, not showing at all, or using other tactics besides a runway show to promote their new lines.

I think this points to a new mentality in consumer spending. For the past few years, consumers have been buying flashy apparel items that show status and wealth. I believe now will come a time of thriftiness and how consumers can save. People are going to be off put by the notion of flashy materialistic items and high-end brands. Its very difficult for someone to flaunt their $2,000 prada bag, when many families cant make enough money to pay their rent, feed their children, or retire when planned. Social influence will make it hard for those who can afford extravagant items to even consider it.

This same mentality might keep us in a recession longer. Because when consumer are spending less and the flow of money is stagnant, then we are going to be in a recession longer.