Designs by Louise Gray and David David. Photographs by Christopher Moore/catwalking.com.

Many of the U.S. buyers who habitually come to London to see what the city has to offer have decided to stay home this year. Julie Gilhart, the fashion director of Barneys, will skip the London show season for the first time in 20 years. Saks Fifth Avenue also isn't sending anyone and neither are cutting-edge smaller boutiques like Ikram in Chicago. The reason? The weak dollar. And no, that doesn't mean the cost of the trip -- the British Fashion Council picks up a lot of the costs -- how much depends on how big the store and even the new chairman of the British Fashion Council, Harold Tillman, wasn't sure. (One U.S. buyer I spoke to in New York turned her nose up at the quality of the accommodations that were offered.)

But does it matter?

Even some of the smallest of designers to show on the catwalk, like Louise Gray and David David, who showed on the Fashion East runway this season, are savvy enough to know that they've got to take their collections to Paris if they want to make sales. David Saunders who designs David David, is sharing a showroom -- or hotel room, most likely -- with two other emerging designers. So, OK, the clothes will be there but, will the buyers come?

"I hope so," said Saunders. "We're doing what we can to put the word around through our friends." Saunders trained as a fine artist and his "friends" include famous artists like Matt Collishaw and Tracey Emin, who have been buying his clothes on special order.

Can Matt Collishaw and Tracey Emin get buyers to Saunder's showroom in Paris? Who knows? In many ways, the London fashion scene operates a bit like a hip club. The security at the shows let their friends in first, pointing to the chosen ones ala the days of Studio 54. ("Who's got tickets?," a PR said to the heaving mass at the door to Gareth Pugh. Everyone had tickets. "Mine has a gold star," said a retailer. "Mine has two," said a hipster. "You must have studied very hard," I said.) But even if they feel they must come to stay hip to new things, will they buy?

Unlikely. The exchange rate also means that the clothes will cost them more. Many of the designers who still show here, including Giles Deacon, Gareth Pugh and Roksanda Ilincic, can't afford to hedge the exchange rate for their U.S. customers the way bigger brands, like Matthew Williamson who now shows in New York, can. In this time of economic woe, stores are not to take big risks on young, expensive talent. "London designers are the icing on the cake," said Averyl Oates, the fashion director of Harvey Nichols. "And these days no one needs extra icing."

Yesterday was Fashion East day -- the day where many of the most cutting-edge designers show their wares in London's hip East End. For these young designers, showing a collection is treading a fine line. They know that people turn out to see the limits of their creativity, but too much creativity gives you costume, not clothes, and costume is a hard sell. Consider Gareth Pugh. He's one of London's most closely watched young designers. But still, after three seasons, only one of the looks he showed on the runway could actually be worn by real women in the real world.

It was a white coat with the same safety pin effect shown here.

Buyers a plenty turned out for Roksanda Ilincic, including Roopal Patel, senior women's fashion director for Bergdorf Goodman and one of the only U.S. buyers in town. She said they now come to London three times a year looking for new talent. "If something is special enough -- like a dress by Jonathan Saunders (a London-based designer who showed in New York for the first time this season) -- our customers will buy it regardless of cost," she said. For Natalie Massenet, founder of Net-a-Porter, Ilincic is worth taking a risk on. She said, "She has all the same money problems as the others, but somehow she manages to pull it together." It's easy to see ho her glamorous evening dresses with a funky twist will appeal to luxury consumers at Bergdorf Goodman or on Net-a-Porter.

What else is keeping buyers away? Patel said, "In addition to cost, I think it also comes down to timing. London falls right after New York when the U.S. stores are doing big buys with their main suppliers, U.S. designers."

It might also be that London designers are taking inspiration from the wrong places. Many collections seen this week have seen heavy references to the designs of Alexander McQueen's most cutting-edge work. What they should focus on in this time of stiff competition is references to McQueen's more commercial work.

London is a fun trip for buyers and for the press -- the champagne was almost overflowing this season and who wouldn't want to see Henry Holland dress up his best friend model Agyness Deyn in a tiered tartan wedding dress?

But when the going gets tough, fun has to take a time out. Even in fashion.