Time For A Depression

This is nothing new, but it does seem to be hitting new heights. Where's the latest Great Gatsby novel?

NEW YORK - Before Claire Stern goes back to school as a high school senior this fall, she needs a new tote. But not just any bag will do.

"I want a tote bag by Jaye Hersh that the celebrities are wearing, they're called Market Bags," said Stern, 17, who lives in Bronxville, New York. "It's more stylish than a backpack."

The bags retail for more than $100 if they're monogrammed and Stern has noticed actresses Reese Witherspoon and Jessica Alba wearing them.

Shopping for back-to-school apparel is a late summer ritual. But as tweens and teens become increasingly savvy about fashion, they're asking for luxury products, such as $200 designer handbags and $100-plus jeans.

As I said, nothing new here except the degree. And of course the inevitable question is, where are the parents? The answer is, flipping the credit card out of their wallets:

Where parents put their foot down depends on their income, said Klaris. And while a wardrobe of Prada might be too much for a parent to handle [I'll bet more will afford it than the writer knows], they might be more willing to spend on accessories, she said.

"They want their kids to fit in," she said. "They're still buying T-shirts at Target, but still having that (luxury) handbag."

Fit in.

Right.

It's also important to note that all of this is going on in the midst of a significant decrease in the participation rate of teens in the job market.

Great values we've got going on here.