Luxe is out, poor is in. Ok, maybe not so much -- but still, why the big spenders aren't necessarily cutting back because of the recession, they are less likely to flaunt their wealth. It's no longer fashionable to be flashy.

The chief executive of Nicole Miller, Bud Konheim, says, "It's not good taste in our business to walk into a party loaded with the biggest diamonds you can find. You don't brag about paying $10,000 for a dress for a party. The feeling now is, so what are you telling us? You're either a sucker or showing off when people have lost jobs."

Fashionista used to want everyone to see the logo on their fancy Louis Vuitton purses and now many are searching for a more low-key look. It's become almost a mark of embarrassment to be able to spend a few grand on a purse!

A wealth management firm president, Alexandra Lebenthal adds, "It has become fashionable for socialites to talk enthusiastically about sample sales, eBay bargains and postponements at the hair salon in the interests of thrift."

So the next time you hear a fashionista talking about those $700 Louboutins she just bought tell her she's out of style -- being a recessionista is in!