But even with the apparent sea change in consumers' mind-set, there are those who believe things will eventually return to where they were before the economic crisis—or almost there.

After posting a $509 million loss on Wednesday, Neiman Marcus chairman and CEO Burton Tansky said the retailer's "core customers have seen their net worth diminish…they are heavily invested in the stock market and this has impacted their desire to spend." But Tansky is optimistic, adding "a meaningful improvement in the economy will bring [the aspirational customer] back into stores, although she will be more discerning than before….Once the economy improves, the core customer's shopping will become more normal."

British designer Julien Macdonald, too, believes the dormant shopper will wake up. 'There will always be fashion victims out there—and I mean that in the positive sense of the word. There will always be women who want to look great and who are very into fashion, clothing, and beauty. These are women who want the latest. They've just got to have it."

Underhill concurred with Macdonald, but said there is a larger issue at hand.

"There's always a segment in our culture that spends money on fashion," said Underhill. "The question is where do they wear it? There are fewer parties and occasions."

Brands are fighting against the notion that indulging in luxury is vulgar.

"No, luxury hasn't at all become a dirty word," said English accessories designer Anya Hindmarch. "Luxury is about taste, and taste has always been to me what's not wasteful. I'm not into excessive waste and showing off. The ultimate luxury for me is an old Jaguar E-type or my grandfather's watch. The bespoke Ebury bag we launched quite a long time ago now, it's something you'd hand on to your grandchildren. [Customers' choices] haven't changed massively. We've not had that blingy customer. People are being careful about what they spend. They're buying pieces that they know they're going to love in 10 years. The days of buying a bag that you're going to give away six months later are over."

Even Coach, credited with kick-starting the "accessible luxury" market for accessories, is broadening its options with a bright, youthful collection of accessories called Poppy to expand its reach without hitting the accessible luxury reset button. The line has a wider price range.

"I don't know what luxury means anymore to people," said Reed Krakoff, Coach president and executive creative director. "A lot of people give Lew [Frankfort, Coach chairman and CEO] credit for coining the term 'accessible luxury.' Like anything that starts out as a good idea, it gets overused. It's meaningless in its former definition. Prices need to make sense. Shopping has to be fun. People are in a store for a reason. They want to be transported."

And it's obvious—even with the dismal retail numbers—that not everyone has stopped shopping for luxury products. Handbags are still being sold at Neiman's and Saks Fifth Avenue, women continue to purchase fashions from Lanvin or Ralph Lauren, and shoe departments—while not as busy as in the boom times—still have women trying on the latest Manolos, Louboutins, and Pradas. The fine jewelry category has retained some sparkle, as well.

Several pieces of jewelry worn by celebrities such as Angelina Jolie and Beyoncé Knowles at this year's Academy Awards and Golden Globes, ranging from $85,000 to over $1 million, have been sold.

"High-end jewelry has what we call 'refugee memory,'" said Underhill, who recalled stories of Eastern European Jews who fled in the 1930s with only their jewelry and gemstones in their pockets. "For a while, people lost the notion that jewelry is refuge. They thought, 'I could put wealth in an offshore bank.' Now people are rethinking that. For people selling small, eminently portable treasures, this is an interesting time."

Ivanka Trump, the real estate scion and proprietor of a signature diamond jewelry brand, said people are still shopping the high end, but the trend is to trade down. She said those who once spent $100,000 on a piece are now looking at $60,000 pieces of jewelry.

"My goal is not to bully someone to spend the maximum dollar," said Trump. "It's finding the right piece at that time and keeping the customer."

Ivanka Trump, Judith Ripka, Graff, and other fine jewelry brands are keen to partner with their clients' charities for special events. Some have said their clients feel more comfortable buying when there is a charitable element.

Henri Barguirdjian, president and CEO of Graff, America, who was at the aforementioned meeting of luxury brands, is livid about the media's role in shifting buyers' perceptions. Barguirdjian said he pulled Graff advertising from the New York Times after a recent story on the shame of shopping, and added that business is good at Graff, where the average sale is $200,000.

"Since when is America ashamed of making money?" he said. "[Aspiration] has made this country what it is. As long as you make an honest living and pay your taxes, there is nothing to be ashamed of. So far, we are doing as well as last year. We've had a lot of high-end sales of rare, important stones, which is logical."

Trump does not equate luxury with excess and concurs with Barguirdjian on the media intervention.

"There's a certain vulgarity to excess in a time when you look around and there's such pain," said Trump. "There are people who have managed their finances and they shouldn't feel guilty about buying."