I feel now that fashion is taking things slow, instead of going a little crazy and creating an overabundance of products, that in the past would have been ok. The general public will probably think more before we buy consumer goods, and invest in knock-offs or fake luxury due to our current recession. We as consumers buy more into the designer name and label than the actual real thing.
Designers might decide to use cheaper fabrics in their collections so that they won't be as costly to make of purchase. I feel that this would be a very good idea fo us, but i also feel that it kind of takes the expected luxury that makes them so reknowned.
It is all about who this economic devestation is actually affecting. Who is buying expensive designer labels? Are the purchases comprised of mainly the middle class, or will the designers not be affected because the affluent population will still buy? These are questions that we don't have answered this early in time.