The current economy has many thinking more about how they spend their money. Many women are cutting down on the funds they used to spend on fashion. I think that the moment of the "it" bag is over. These trendy handbags last for a season, and then get worn out literally and figuratively. After a few years of changing "it" bags it's time to do some math. Most designer bags cost from 1-2k if they are made from leather and/or nylon. If one buys a new bag every year for five years this totals 5-10k! Or, if one is particularly trendy and buys a bag for both the winter and summer season this amount doubles reaching a potential 20k spent on bags that are worthless with the end of each season.

My advice is the same as always...trade up! A classic bag will never go out of style, and should wear much better than some of the expensive "must have" bags released in mass one year then never seen again.
The classic hand made bags of Hermes, Bottega Veneta, Valextra and Loro Piana will stay in style, and last for generations. In a time in History where frivolity needs to take a rest, I recommend buying a handbag that will be an investment in value and look!
I'm not the only one saying it's smart to spend even more money on a handbag - check out these other links about luxury
http://www.bagsnob.com/2008/10/exotic_bags_are_recession_proo.html
http://www.cnbc.com/id/27100824