To me, recessionista means cutting back on shopping, while investing on a few key items that could update your current wardrobe. As a result - I think jewelry is getting more attention: you can wear a plain black turtleneck and black trousers, and then a statement necklace that will put the fun in your outfit. I've seen so many cute ones these days, but you can always DIY by attaching some of your old necklaces/earrings/bracelets altogether to make something unique and personal. I love these:
Double-necklace with similar metal tones for that mix-match look; I wore this to work.
I found this at an Indian jewelry shop in NYC 4 years ago
An outfit to match it; an old Banana Republic shirt, American Apparel skirt, and these crazy gold gladiator sandals I found on E-bay 2+ years ago.