We've swapped nights out on the town for pizzas and TV movies, the holidays in Barbados have been rerouted to Bundoran and the petrol-guzzling 4x4 is now an eco-friendly Smart car. But, incredibly, we haven't given up on designer labels.
The premier houses of fashion are so far weathering the economic storm with gusto.
Hermes has reported increased sales for the first quarter of 2009, driven largely by a persistent demand for leather bags, and Mulberry's profits for 2009 in Ireland and the UK are also up by 21pc so far.
This might sound like madness in the height of a recession but it's not just a case of shopping gone mad. The average car loses 20pc of its value the second you drive it off the forecourt, we're being warned that house prices could fall by 80pc, and only the most courageous trader would gamble on the stock market. In today's current climate, putting money into classic designer bags and chic quality fashion might be one of the best investments you can make.
Ever since Carrie Bradshaw was mugged for her Manolos in Sex and the City it's been clear that fashion is a currency. Last year, Daphne Guinness cleared out her stunning couture wardrobe raising a whopping €167,500 including a Dior wool hat with an auction price of €46 that went for €4,000, while estimates show that a classic Chanel women's suit from the 1960s notches an additional 20pc to its value with each passing year.
A good sense of fashion has always been important, but in the current recession it could be worth its weight in gold.
And Irish women are already on the case. Mulberry's "recession proof" bag du jour, the Mitzy, is priced at €580 and has been flying off the shelves in Dundrum's House of Fraser. Since it launched, two to three bags have been sold each week by women who've seen the sleek creation on the arm of stars like Claudia Schiffer.
But what makes the Mitzy special is that it's a bang-on trend It bag with a sense of timeless style. "From looking at the bag, the quality of the leather, the pared back classic shape and the gorgeous tan colour, you know that this is a bag that will still be stylish in years to come," explains personal shopper at House of Fraser, Sally Ann Flanagan.
"Women haven't stopped spending, but they have become more discerning about what they want to spend money on."
Exit gimmicks like bright colours, exaggerated shoulders, crazy shoes and cheap fabrics. "The recession has had a definite impact on the way women shop. They want something they can keep wearing, not just for a few seasons but something that if they put it away for 10 or 12 years it will be something they can still wear as a vintage piece," says Sally Ann.
The perfect investment buy keeps its worth not only as a financial investment but also as a fashion statement.
But to cover one or both aspects, you have to be prepared to spend. "From just looking at a designer jacket and an imitation from the high street you can tell which one will stand the test of time," says Sally Ann.
"I have a client who is still able to wear the same Aquascutum raincoat after 50 years.
"With a few adaptations, a Chanel suit will still look as stylish after 60 years -- you should spend as much as you can to get the best quality of craftsmanship and fabric -- scrimping on price when making an investment purchase is a false economy."
Lisa Perkins, from perkupvintage.ie, agrees: "The reason the vintage pieces that we see today have held their value is all to do with the quality of the workmanship.
"Dresses in the 1940s and 1950s had a high thread count and were built to last; the fact that pieces from labels like Pucci and Chanel often end up in museums prove that vintage is worth investing in."
The key to spotting which current trends are the vintage pieces of tomorrow comes from being able to separate what is fashion from what is style.
"Experience means I can often see what pieces in each season will become iconic clothes," explains Sally Ann, who started her career in fashion 40 years ago and has styled more than 3,000 women since House of Fraser opened five years ago. "But there are also some good rules of thumb: black never goes out of fashion, neither does the monochrome look. Good tailoring, seams and simple lines give a classic shape.
"Above all, the pieces that will last the distance are the ones that make women look and feel good. When the Roland Mouret Galaxy dress came out four years ago, I knew it would still be around in years to come -- its classic silhouette suits all women."
It's why well designed shapes such as the trench coat and the A-line dress are still around today, and with retailers dropping their prices to entice buyers there's never been a better time to start investing in a timeless designer wardrobe.
Sally Ann says: "There's a budget for anyone to invest in quality fashion. Even if you're young and not on a huge salary, it's worth saving up to buy a really great bag or coat that will last a lifetime and never go out of fashion, instead of something you're going to get one or two wears out of and throw away."
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