Hunkering Down

After the glitzy '80s, cheaper and careful are back in style

Suddenly, it is fashionable to pinch pennies. Washington socialites Frank and Jayne Ikard are not taking their annual grand tour of Italy this year. Instead they plan to drop in on friends in Montana. Beverly Hills matron Joan Gross last week was browsing at the Price Club, a discount warehouse in nearby Inglewood, alongside an Asian restaurateur shopping for kitchen supplies and a Hispanic family buying low-price food in bulk. Said Gross: "Conspicuous consumption is out."

The mad, impetuous '80s are over. The shop-till-you-drop gilded decade of excess, Rolex, baby millionaires and their legions of wannabes has given way to a...

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