We are in a recession. With difficult times ahead, many are wondering what will happen to luxury businesses that thrive on extravagance and exuberance.

The Fashion World’s answer seems to be: When the going gets tough, the fab get going.

In the past, the rise and fall of hemlines herald economic change. When hemlines go down, so does the economy, and vise-versa.

Last year’s Time Style & design article reported that fashion is going ‘back to black’ – literally, in a sense. And many agree that this reflects the economy’s somber mood.

Not only did collections feature black pieces, the clothes themselves are much, much simpler and more structured.

Designers have different interpretations for this dark turn of events.

Christian Lacroix says “Of course, black is like a mask… the new pureness of lines centered on cut rather than decoration, the laser geometry of shapes and silhouettes…”

Leatrice Eiseman, executive director of the Pantone Color Institute, says “”Black is always the color people rely on most often in tough times, especially if they’re going to spend on big-ticket items.”

Narciso Rodriguez on the other hand, thinks that the switch to black is not an expression of despair. “I think it’s more of a reflection of practicality and reality,” says Rodriguez. “When times get tough, people want things that are real and lasting. Black is certainly reflective of that. It’s what you can bank on, and it’s the most elegant color.”

Survive the recession in style

With dark financial times looming in the horizon, what are fashion mavens supposed to do? Here are a few Recession fashion tips.

Vintage

Lovers of vintage should congratulate themselves for shopping so wisely. Vintage items never go out of style. Even if you don’t shop for a year (if you can last that long), you would still look stylish and well-dressed.

Raid your closet

You are sure to find style basics that stay put while trends come and go. And while you’re at it, why not raid you mom’s closet as well? Fashion is a cycle. Look at 20s flapper dresses, they are as chic then as they are now.

Flea markets

Check out flea markets. You’ll be surprised at what you can find there. Find vintage and one-of-a-kind items at discounted prices. You can even haggle to make the prices go even lower.

DYI

If you are a crafty, creative genius, redesign your old clothes and accessories yourself. Some items on sale are cheap because nobody likes them. Try buying these sale items and see what you can make of them.