Yesterday I met Michele, a girl from New York, and we got to talking about the differences in fashion mentality in the US and Ukraine. I'd say, this applies not only to the two coutries but to the developed and emerging fashion markets in general.
If you think about it, people in Eastern Europe (and in South America, as one of my friends from Mexico said later) people with a higher income - especially women - tend to dress head-to-toe in luxury brands if they can afford it. For example, wearing a Burberry trench with Zara boots is considered bad taste, in a way.
The US, the UK and most European countries are veering towards a different approach: combining a pair of very expensive designer boots and a thrifted skirt shows that you are creative and comfortable with your status no matter what your income is.
This clashing of luxury and high street bargains is often frowned upon by fashionistas from emerging economies. Michele used the expression recession chic, and I really liked this term to describe it. Combining the expensive with the cheap is being smart in the economically challenging times.