CON TEXT: Okay, this better be worth it.Oh, it is. Keep listening, and you might save a fortune – and keep your social status. Chiconomics is the new mantra being recited by recessionistas everywhere. The collapse of capitalism, the failure of the banking system, and the total extinction of that rare creature known as credit has forced people to think differently about their relationship with money and consumables.

In what way?

In the world of chiconomics, it’s no longer cool to flash the cash or the platinum credit card. The real social status comes from being frugal and spending within your means. But it doesn’t mean compromising on your taste or lifestyle – it just means not spending silly money to get the look and the style.

So, chiconomics means staying on top without letting your finances bottom out.

Exactly. Getting value for money without compromising on quality – that’s one of the central tenets of chiconomics. It’s not just about keeping up appearances – it’s about keeping up standards, and refusing to be ripped off. Just because they like the best things in life doesn’t mean that chiconomists are an easy mark. “They saw me coming” is not a phrase in the lexicon of chiconomics.

So, how can an ordinary toff like me learn the ways of chiconomics?

Fashion blog The Haute List has put forward the Laws of Chiconomics, so that you too can become wise in the ways of saving money and surviving the crunch. The first law of chiconomics is to use your expert eye – learn to tell the difference between a quality item and a cheap, tawdry imitation. Chiconomics is not about buying tat dressed up to look like top goods. It’s about being able to spot good quality stuff, home in on it, and get it at rock-bottom price.

What other laws are there?

Love it or leave it, advises the Haute List. When you come across a dress, a jacket or a pair of boots, gauge your gut reaction. Have you fallen head over heels for those Jimmy Choos, or are you a bit non-committal about them? If the latter, then just walk away. But if they set your heart a-flutter, then use all your charm and cunning to win that prize without paying out a king’s ransom.

I love it already.

The third law of chiconomics is more a mathematical equation than a law. When deciding whether to buy an item of clothing, ask yourself a series of probing questions: will it go with at least three things I own? How many seasons will I be able to wear it? Will your other half like it or think you look like Corky the Clown in it? Can you wear it day or night? And do you need to lose weight to fit in it?

Tough questions – sounds like chiconomics should be a university subject.

Designers and retailers are responding by offering more of their products at sale prices. Heal’s furniture catalogue for 2009 even has the word emblazoned across its cover. And Natalie Massenet, who set up the Net-a-Porter website, has started a new website, TheOutnet.com, selling out-of-season fashions carefully hand-picked from a small roster of designers. Retailers are starting to recognise that there’s a whole demographic out there willing to pay for the best – if the price is right. So they’re falling over themselves to keep the recessionistas sweet. After all, when the economy comes bouncing back, these are the same people who’ll be rushing back to the stores frantically waving their credit cards in the air.

Try at work: "She's such an exhibitionist – walking round with all the sale price tags hanging out of her clothes."

Try at home: "Darling, there's someone called Stella McCartney at the door selling dresses for half price."