Not even the high fashion labels are safe: speculation rose after Marni declared in December that its traditional men’s Autumn/Winter catwalk show would be replaced by a less expensive static presentation. Other prominent fashion brands to feel the pinch include Burberry, who made recent headlines by announcing 290 job cuts in the UK and the closure of its factory in Rotherham, as well as a further 250 redundancies made in Spain. It would appear that even wealthier consumers are daunted by the dire economic downturn.

But perhaps the current credit crunch culture has some more positive elements, which could have an interesting effect on fashion and trends. The threat of redundancies and mounting debt has lead to the rise of the ‘recessionista’*: a super-savvy shopper who wouldn’t let something as trivial as negative equity get in the way of some serious style. Recessionistas lead the renewed interest in charity shops and thrift stores as a source of vintage clothing on a budget, as well as the rejuvenation of past trends through customising old clothes.