At Fashion Week, a flair for the frugal

"I think the parties have slowed, and you're seeing people more serious about the fashion." said Gretchen Monahan, owner of Gretta Luxe boutiques. (Jennifer S. Altman)

NEW YORK - There are fewer gift bags for fashion buyers and editors, and the steady stream of opulent parties has slowed to a trickle. Instead of pricey runway shows, big name designers such as Vera Wang and Betsey Johnson opted to unveil their fall lines in their showrooms. Marc Jacobs slashed his show's guest list by 1,200. The Proenza Schouler after-party is BYOB.

It's New York Fashion Week, recession style.

"I've definitely noticed changes," says Gretchen Monahan, owner of Gretta Luxe boutiques in Boston and Wellesley, who's here scouting lines for her shops. "There are still the same number of shows, but I think the parties have slowed and you're seeing people more serious about the fashion."

Fashion Week is the twice-annual flurry of runway shows and events that introduce buyers and journalists to upcoming style trends. This week at the Bryant Park tents and elsewhere around the city, designers show their fall/winter 2009 lines. And while the front rows are still lined with well-coiffed starlets, and models still stalk the catwalks, caution is in the air.

Designers such as Carmen Marc Valvo, Monique Lhuillier, and Naeem Khan dropped runway shows in favor of smaller presentations, saving $50,000 to $100,000 on the cost of tent rental alone. Many designers are hiring fewer models to save money. Calvin Klein scratched its traditional after party. Meanwhile, Boston buyers say they're being shrewd in their choices, cutting back where possible, and keeping an eye on the bottom line.

"I'm still buying expensive pieces," says Betty Riaz, owner of Stil boutique at the Prudential Center. "But I'll only buy a few rather than an entire run. I'm also buying the same styles, but looking at them in less expensive fabrics."

Many boutique owners, forced to compete with steep discounts at upscale department stores, say they plan to buy less merchandise for this fall. New York-based Sari Sloane, vice president of fashion merchandising for Intermix, said the boutique chain will continue to carry clothing at its current price range, but she's seeking out unique pieces to lure shoppers. Monahan echoed that sentiment, saying that she's pressing designers to create fashions in one-of-a-kind fabrics and colors for her stores.

"I'm absolutely paying more attention to detail and putting more pressure on value for the price," Monahan said after the Herve Leger show on Sunday. "I'm going into the season with a less-is-more attitude, and no matter what I'm buying, it needs to be absolutely the most special item I can bring into my store."

Other buyers, such as Tina Burgos from Stel's on Newbury Street and Shaka Ramsay from The Achilles Project, are sticking with designers that have performed well for their stores.

"I don't think right now it's smart for any retailer to branch out, regardless of how well they're doing," says Burgos. "But it's a tricky game to play. If you want to stay in business, you still have to spend money. I can understand people backing off, and I've heard stories of people canceling orders. But if you don't have enough to offer, there are plenty of other retailers out there that will take the business."

While store owners try to figure out the perfect formula for buying merchandise in an unstable economy, designers are faced with the creative challenge of producing clothing lines that will appeal to boutique buyers, department stores, and belt-tightening consumers.

"My line has been built around creating clothes that are at a luxury price point," designer Ashleigh Verrier said before her Bryant Park show on Saturday night. "I don't want to confuse my customer by going in a completely different direction. But given that, if we're showing a fabulous skirt, we're putting it with a pared-down top so customers can see ways to highlight a special piece. In the past, we would have shown a head-to-toe look. So now I'm targeting both ends of the market."

Young designers such as rising star Erin Fetherston showed over-the-top collections as they vie for attention.

"The dresses not only have to sing, they have to put on a whole show," said Harper's Bazaar editor Mary Alice Stephenson. "Scarcity breeds innovation, and these designers are competing for more limited shelf space."

And yet, Fashion Week remains a hub of glamour, and fashionistas are not shying away from wearing their Christian Louboutin heels or Diane von Furstenberg wrap dresses. In fact, there are few clues at Bryant Park that a recession is under way. Celebrities such as Lucy Liu, Kanye West, and much of the cast of "Gossip Girl" have shown up in the front rows at shows, just like past seasons.

That said, gift bags are harder to come by, and those who are giving out goodies are taking a more practical approach. At least two designers handed out logo umbrellas at shows on Sunday as opposed to the usual bottles of perfume or scented candles.

But the clothes coming down the runways are still fanciful, even if many designers are taking a safer and more practical approach by showing ensembles in neutral colors such as charcoal, black, and cream.

Designer Mara Hoffman teetered on not showing her line of gowns and dresses this week but found an innovative way to maintain a presence in the Bryant Park tents. She's sharing a runway show with two other designers and divvying up the cost. As a result, she spent $30,000 on her show instead of $55,000. With the fashion press full of stories about labels and designers going out of business, every dollar saved makes a difference.

"When you're watching your contemporaries go under every day and seeing companies fold that you thought were strong, you think, 'Oh my god, it's not a joke,' " Hoffman said. "Overall, there's just an attitude that we have to make this happen because we're disappearing."

That communal, make-it-work attitude is something new for the fashion industry, which isn't always known for its politesse.

"I've definitely noticed a new spirit of people really helping each other," said designer Jason Wu, who became an overnight sensation last month when Michelle Obama wore his white, one-shouldered gown to the inaugural balls.

Another new spirit gripping designers? Trying to keep prices in line. Hoffman said she's reducing the cost of her pieces. "We could make them more expensive and take more profit, but I don't want to have poor sales," she said. "I'd rather have people say 'What a great deal for these dresses. Normally they sell for $400, and I'm getting it for $325.' "

Many of her contemporaries are also keeping buyers' wallets in mind - at least by runway standards. Despite the fact that he could easily charge more, red-hot designer Alexander Wang is keeping his line under $1,000, with many pieces selling around $400.

The fact that designers are adapting to the changing landscape comes as no surprise to Fern Mallis, senior vice president of IMG Fashion, the company that stages the Bryant Park fashion shows. She said her biggest frustration has been a steady stream of doom and gloom stories related to the fashion industry.

"I think we need this Fashion Week more than ever," Mallis said. "The positive energy, the glamour, and the fantasy are the perfect counterbalance to another story about another bankruptcy or someone who has stolen all our money. We're seeing clever ways of presenting fashion, and more innovative designs. That's the exciting thing about this economy. In fashion, it means more innovation."

Christopher Muther can be reached at muther@globe.com