Verbatim

‘When the economy changes, it’s not like you want to start eating bad-tasting chocolate.’ —Olivier Theyskens, designer

‘Frugality is in fashion. The alligator belts are tightening … Who knew a wallet could hibernate?’ —Burt Tansky, president and CEO of Neiman Marcus

‘This whole crisis is like a big spring housecleaning—both moral and physical—bling is over. Red carpetry covered with rhinestones is out. I call it the “new modesty.”‘ —Karl Lagerfeld, designer

‘It’s a tough time, but it’s also a good time for creativity. I’m like a perfumer selling a dream.’ —Gareth Pugh, designer

‘I don’t want to start saying there are major shifts one way or major shifts another way, but I think people will think a little more, maybe.’ —Christopher Bailey, designer

‘I don’t know how they’ve managed to brand the recession. I think I might start to make my own brand of cereal called Credit Crunch.’ —Lily Allen, singer

Sources: WWD; New York Times; International Herald Tribune; Reuters; Interview