Earlier this year, designer Betsey Johnson ditched prestigious New York Fashion Week for a low-cost, intimate screening. (Stephen Chernin/Associated Press)The fashion business this decade has gone topsy-turvy and been forced to figure out not only how to succeed but survive in a time of slumping sales, indecisive retailers and high costs.

You know something's changed when magazines like Vogue start discussing money-saving tips and throw around words like “recession-friendly” and “staycation” in publications known for lush goods that cost as much as a car or mortgage down payment.

Other indicators of change have included high-end designers selling their goods in retail outlets, the back-to-basics trend that had even the wackiest designers going subtle and low-key and, last but not least, the emergence of therecessionista.

One trend that has shocked even seasoned professionals has been the exodus of established designers from the glitzy, celebrity-laden catwalks. Earlier this year, big names like bridal designer Vera Wang and larger-than-life Betsey Johnson ditched prestigious New York Fashion Week for low-cost "intimate" screenings of their fall 2009 collections at special locations.

Even experienced designer Marc Bouwer skipped traditional showings altogether and went online to show his collection, following in the footsteps of fashion bible Style.com, which offers design lovers coverage of everything fashion- and style-related.

Gambles like Bouwer's has some insiders worrying if the days of costly runway shows are coming to an end in the economic downturn.

Robin Kay, president of the Fashion Design Council of Canada says she isn't too worried about the recession. "I don't give it any airtime at all," she says. "You’ve got to be smart when the chips are down."

Kay, who oversees the LG Fashion week in Toronto, has seen the organization grow impressively throughout the decade. She credits it with the reputation Canada has in the fashion world.

Thrifty consumers sport high/low look

Allison Pigden, an MTV stylist, says the recession has done some good. Pigden, who selects outfits for personalities like After Show hosts Jessi Cruickshank and Dan Levy, believes the recession allows people the opportunity to find their own personal style or inner-recessionista.

"People have become more comfortable with sporting a 'high/low' mix look — rocking a cute outfit from a reliable retailer like H&M and adding in chic, staple accessories like a good scarf, great bag and to-die-for shoes."

Shoppers may be cutting down on their high-end purchases these days but they’re opening their wallets to store franchises like H&M, the Gap and Target that have teamed up with movers and shakers in the fashion world.

"I think [retail collections] are a great opportunity for fashion-savvy people to get a taste of designer [wear] without paying the full ticket price — it's kind of like a trial run. … They pay an introductory price for introductory quality," says Pigden.

The Jimmy Choo brand was sold in about 200 H&M outlets worldwide, including four in Canada. (Associated Press)Stella McCartney's collection with Gap was so profitable they asked the English rose to do another round of children's clothes, and Jimmy Choo's line of accessories and shoes with H&M flew off shelves this autumn.

Meanwhile, the Canadian fashion scene also felt the squeeze this year.

Homegrown talent has always traditionally headed south to book jobs and nurture burgeoning talent. But with the recession in full swing, retailers looked north, says Matti Gidilevich an agent with Elite Management, which made it harder for the Canadian underdog to succeed.

"International labels, like H&M, Abercrombie have come in and really taken a lot of the market share," he says. "It's hard for Canadians to compete against international companies who can afford to buy the Coca Rochas of the world."

It's not only designers suffering, either. Models also find themselves facing a decreasing client list and no one knows that better than Gidilevich, who has seen more agencies than ever close their doors to potential models.

"The models that are here are showing resiliency," he says. "New York is taking fewer girls, Germany is taking less girls, Milan is taking less girls.

"Around the world, everyone is tightening up their belt and taking less models and those girls who are sticking it out are being resilient. They could be termed recessionistas."

Although Pigden says the last decade was a hard one, but she believes the economy will improve and the back-to-basics trend will continue.

"I think we will still see a repeat of years past — whether it's pulling vintage pieces from the actual era or designers re-creating them into a more modern-day style."

Kay believes that no matter how hard the economy gets, fashion will remain a reliable staple because it plays a great cultural role.

"I believe designers are an important cultural and social fabric part of our society."