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For $1.99 to $2.99, depending on location, there is Charles Shaw Cabernet, better known as "Two Buck Chuck." "Red berries and oak on the nose," says one blogger. "Medium acidity, light body, light tannins and finish. Not remarkable on an objective basis, but very decent for $2."

Chateau Margaux is a favorite among wine aficionados. "Pure silk in the mouth, with great sappy verve." says Stephen Tanzer of International Wine Cellar of the wine. " A 1982 Chateau Margaux runs $1,050 a bottle at Vinfolio.com.

But if Bond had been battling bad subprime bets instead of North Korean terrorists, he might have been better off wearing the lookalike Mossimo Stainless Steel Blue Face Watch, available at Target. The discount version goes for $19.99.

Pierce Brosnan's James Bond made the Omega Seamaster watch an icon. This James Bond Limited Edition Watch, retailing for $3,700, has a stainless steel case and bracelet, a sapphire crystal, an automatic movement, and water resistance to depths of up to 300 meters.

J.C. Penney's new American Living line, which is also designed by Ralph Lauren, includes this chic, lightweight double-breasted trench coat. It sells for just $130.

When it's time to trim budgets, women's apparel is almost always the first to feel the pinch. It's easy to see why. Ralph Lauren's top-priced brand, Black Label, prices this elegant black swing coat at $1,298.

But why even buy a diamond when you can't tell the difference between cubic zirconia and the real thing? This 7 millimeter CZ solitaire with a cubic zirconia encrusted band costs $124 at Wal-Mart.

For prospective bridegrooms, precious gem and metal prices are going through the roof. This diamond ring from DeBeers contains a 1.5 carat round brilliant solitaire in a platinum four-prong setting, and a shank paved with 16 round brilliant diamonds. It sells for $20,000.

Five hundred dollars is a lot to pay when you consider that a steak cut by Martha Stewart Everyday line tastes just the same. Martha's similar set retails at Kmart for $69.99.

No well-appointed kitchen is without premium, imported chef's knives. Wusthof's Grand Prix II collection features ergonomic, pebble-grained handles, and blades precision forged from a single plank of high carbon steel by skilled workers using computer-guided equipment and powerful robots. A set of 14 knives retails for $524.

The similarly styled Madison Embossed Handbag, by George, is available at Wal-Mart, for $15.96. Not quite a lookalike, but think of it this way: The $2,234.04 that is left over can go toward gassing up the Hummer this year.

Fendi's iconic Spy Bag is a must-have among models, celebrities, and socialites, but the luxury staple is not exactly recession-friendly. This black leather version goes for $2,250 at Saks.

Gerald Holubowicz/Polaris (Saks Fifth Avenue) - Jimmy Kets/Reporters/Redux (Wal-Mart)

With high gasoline prices and credit woes, consumer spending is slowing. But the rich are different, right? Or are they? Evidence is mounting that economic worries are climbing the income ladder. But don't despair if you, too, are feeling the pinch. With discount retailers providing budget-friendly alternatives to luxury items, there's no need to wait for next year's bonus.