Credit crunch belt-tightening spells end to age of It bag

THE ERA of the "It bag" is over as consumers opt for fewer, more classic purchases, a London department store said today.

Liberty has seen sales of designer bags, which tend to cost at least £600, plateau this season as the economy slumps into recession.

In response it will reduce the space given to bags from February.

A spokeswoman for Liberty said: "It seems frivolous and jars in the current climate to buy expensive fashion statement bags. The days of waiting lists for the latest ostrich feather bag, for example, are over, I feel."

Katrin Magnussen, senior fashion analyst at Mintel said: "Women are still investing in good-quality, designer bags but mainly those that will take them through a couple of years."

Ms Magnussen said designers were increasingly seeking to team up with high-street retailers to ensure cash-strapped consumers keep buying bags.

Mulberry has launched a low-cost red jersey version of its "Bayswater" bag at Gap, which at £95 is less than a fifth of its traditional price tag. Half the price will be donated to Aids charity RED.