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Ms. Olsen sports a “Poorgeoisie” look in her ripped jeans and flannel, despite the expensive handbag.

Definition of the new fashion buzzword “Poorgeoisie”: Those who conceal their affluence with a (carefully crafted) down-at-heel look. I can definitely see where this new term is coming from. Is it any coincidence that when the economy shifted downward, fashion shifted towards a slightly grungier, ripped, torn and tattered look – especially when it came to designer denim? I think not. In fact, now the press has picked up on the irony too.

The Guardian
‘s Stuart Jeffries explained: The poorgeoisie are the countercultural rich who have adopted a form of consumerism against consumerism, a way of spending to make themselves look as though they haven’t spent. It’s a new way for rich people who don’t want to seem rich to buy their way out of the guilt and shame of having money at a time of mass economic woe. It’s a way of being rich but remaining undetected.

We’ve all seen many celebs such as Victoria Beckham, Rihanna and Beyonce sporting their ripped and torn Balmain jeans which retail at over $4,000. Okay, wait, so does this mean I should feel bad about the ripped pair of Diesel’s I just bought at Gilt (there is a reason they are called “Gilt” – ah ha!) last week? I mean for goodness sake, they were only $100 on sale! Does that make me a “poorgeoisie”? Nah, I think it just means I am a bargain shopper who loves a good deal on designer denim! According to a study by Vogue, 72% of magazine readers are still buying designer fashion, while 59% are buying more or the same amount as before the recession. How have your habits changed, or have they stayed the same?