ECONOMIST Thorstein Veblen was ahead of his time. He coined the term ?conspicuous consumption? at the end of the 18th century to describe the consumerist patterns of the nouveau riche. Centuries later, the term conspicuous consumption has become somewhat of a social norm. Pre-recession, the conspicuous consumer would spend and acquire goods for public display to attain or maintain a public outlook of having a certain social status. Largely because of easy credit, people have taken to spending money that they don?t yet have. Personal bankruptcies ensued because of the mismanagement of finances. Recession hit everyone across the board as a result. According to US News and World Report, pawnshops are doing brisk business in the recent months. People have been pawning off jewelry and whatever else they can pawn to keep their struggling businesses afloat or simply to maintain lifestyles they?ve grown accustomed to. The year 2008 is all about the once deep-pocketed fashionista becoming the recession-chic fashionista or ?recessionista.?

While the previous years have elevated each season?s premium designer ?it? handbags to cult status and bespoke designer jewelry or razzle-dazzle big bling were the by-words, 2008 saw the reemergence of the classics. The recessionista?s ?luxurious? (read: anything that falls outside the ?need? list) investments still include designer bags and jewelry, but she has become the smart shopper, foregoing trends and opting for quality pieces that will stand the test of time.

Bags

Louis Vuitton Speedy: If this bag was created sometime during the Great Depression of the ?30s and has survived over 70 years of economic crests and troughs, the bag is definitely a proven mainstay. Though Louis Vuitton?s plans to put up one of the largest stores in the world at Ginza, Tokyo, have been recently scrapped due to the worldwide slump in luxury spending, there doesn?t seem to be any indication of recession at our country?s Louis Vuitton. The most asked-for and bought bag is still the Monogram Speedy. This year, Louis Vuitton sought to customize the Speedy by introducing ?Mon Mono,? providing clients the extra service of monogramming 2 to 3 of their initials with vertical or diagonal stripes in 16 possible colors.

Chanel 2.55 and Classic Flap: Chanel?s most famous quilted bag with chain straps was created and released to the bag-loving public on February 1955, hence the model name Chanel 2.55 (02/1955). The original quilted bag had no distinguishing logos on its exterior body as the designer?s identifying mark was actually stitched on the interior. The bag did not reach iconic status until Chanel?s designer Karl Lagerfeld revamped the old classic 2.55 look in the ?80s by jazzing up the bag with the massive intertwining Cs (the now famous double Cs) on the front. On the 50th anniversary of the 2.55 in 2005, Lagerfeld reissued the bag in its original nondescript, logo-less style which became an instant hit then and is still a hit now. There also remains a demand for the late ?80s to early ?90s Classic Flaps with the CC logo. Coco Chanel may have died in 1971, but her legacy continues to live on through her bags.

Hermes Birkin: Ten years ago, the fashionista would balk at paying a six-figure amount for a bag. Three years ago, she might have splurged on a brand-new Hermes Birkin at black market price. Today, the recession-chic, designer-bag-loving fashionista scours for a good second-hand Hermes Birkin. Carrying a second-hand designer bag has become acceptable, as many women still cannot get themselves to give up their love for these expensive designer purses. Second-hand designer bag boutiques, whether brick and mortar or online, have sprouted as a result of the continued demand for luxury bags at lower prices. Though a second-hand Hermes Birkin?s price is far from cheap and is actually almost comparable to that of a brand-new one from the Hermes boutique, it must be said that there are plenty who would opt to buy the second-hand one as long as it is in excellent condition. The wait to get a brand-new one from the store may not be as long as it used to be, but there are still women who don?t possess the EQ to wait.

Jewelry

A pair of hoop earrings or a good pair of pearl studs: Hoop earrings have become classic pieces. A pair of 2-inch diameter hoops are not so discreet on the ears but can still blend well enough for everyday use. Though diamond jewelry remains an investment (pawnshops would gladly pay cash for diamonds because of their up and up prices in recent years), the recession-chic fashionista can opt for white sapphire or white topaz hoop earrings that have a bling effect similar (though to the trained eye, not the same) to its diamond counterpart. Pearl studs are also wardrobe staples these days for that chic and classic but understated look. If South Sea pearl studs are too expensive, fresh water pearl studs are a good alternative and can save you money.

A big semiprecious stone cocktail ring: Semiprecious stones like citrine, amethyst, quartz, agate, moonstone, topaz, set in silver (shiny, matte, blackened, or yellow gold-dipped) are very au courant and relatively inexpensive, compared to precious stone jewelry set in gold or platinum. What?s even more interesting about these rings is not their break-up value (that you can always have the stone reset if you?re tired of the style), but the healing properties of the stones themselves. In hard times, people are willing to believe in things that give the promise of prosperity or good health. Many have taken to wearing ?healing? bead bracelets made of semiprecious stones, but the recessionista who also wants to be ?healed? would opt for something a little more en vogue?a cocktail ring.

Although the general economic outlook for 2009 remains grim, the recession-chic fashionista still has plenty to look forward to. For one, the day-Glo colored Stephen Sprouse collection of Louis Vuitton promises to breathe life into the bag world come Spring time. And then there are the creative minds that continue to break design barriers to produce excellent ?bridge? jewelry collections for that six-figure look at four- to low five-figure prices. The recessionista?s key word for 2008 and 2009 is not sacrifice. It is compromise!