Here’s a great article from AP:
The world of high fashion is coming down to earth a bit. Trenchcoats, jumpsuits, sumptuous sweater sets and billowy dresses intended to flatter a wider range of body shapes and sizes ruled the runway at New York Fashion Week, which showcased spring 2010 designs for buyers and fashion editors. It’s a big departure from the elaborately beaded evening gowns and unwearable flights of fancy like see-through pants that have dominated runways in recent years. The everyday looks are vivid examples of how the industry is responding to a new thriftiness that has extended to the rich, who have grappled with declining net worth since last year’s financial meltdown. Even mega-millionaires have re-evaluated their spending. And while the luxury business has stabilized a bit since last fall’s freefall, it’s still weak. Luxury sales fell a little more than 15 percent from January through August compared with the same-period a year ago, far more than the 9 percent decline for all U.S. apparel sales, according to SpendingPulse, a data service provided by MasterCard Advisors that estimates U.S. retail sales across all payment forms including cash and checks. In past recessions, luxury sales had held up much better than other areas. – from AP