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Pui-Tien Man writes...
With the blogosphere going ga-ga over Prada's 'Fairy' bag, the culture of aspirational designer fashion is seemingly alive and well. We bask, from a safe distance, in the luxurious glamour of Paris and Milan's fashion weeks (and London Fashion Week's promise of opulent extravagance is just around the corner), and ogle at Gossip Girl and the Cashmere Mafia's gorgeous designer threads. From here, it would seem that all eyes are, as ever, fixed on designer fashion...

Yet all is not well in the High Fashion world. Richemont and Coach, two of the major players in luxury goods, have just reported that demand for expensive designer accessories (particularly watches, handbags and jewellery) is slowing: a sure sign that even the wealthiest consumers are reining in their spending amid fears of a global recession. All this despite rampant predictions last year that we shoppers would turn our backs on Primark and other mass-produced, high street 'fast fashion', and instead start saving our pennies for those elusive, covetable designer pieces.

So here we turn to you stylish readers for your thoughts. What is your style? Do you buy, and discard, whole outfits each season in Primark or Matalan... or hanker after that one luscious Miu Miu bag, or shiny pair of Louboutins? Are designer items just all price and logo, or a truly special treat?