Recessionistas in, fashionistas out

Move over fashionistas - there's a new girl in town.

She's called the "recessionista" and she delights in spending $70 rather than $700 on a cashmere cardigan or $1 to make a kiwi fruit face mask instead of shelling out $100 for a session at a trendy day spa.

As the world economy tanks, recessionistas are finding pleasure in finding bargains rather than splurging in an era where ostentatious consumption - even for the well-off - is beginning to appear gauche.