With the economy being so grim consumers more than ever are rethinking their spending. Earlier in the year the wealthy continued spending regularly in the hopes of the economy edging back towards the black, but now we are all feeling the crunch. Sales are down by as much as 20% at Neiman Marcus, Saks Fifth Avenue, Nordstrom and Barneys. The customer who would easily spend $800 on a pair of Givenchy leggings at Barneys is now buying it at H&M or Zara. The fast fashion retailers have become hot spots for the wealthy consumer who would rather spend their cash on affordable clothes and save large purchases for high ticket items that will last through time. As the late Yves Saint Laurent once said, “Fashions fade, style is eternal”. I’ve always believed that its not who you wear but how you wear it. That way of thinking seems to be spreading as more and more people are adapting it.

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