So, what did we learn from executives in the hard-hit luxury and main street retail sectors this week at the Reuters summits?

The idea of a “new normal” age of lower consumerism was in vogue, with many executives expecting consumers to continue to be thrifty for some time. Conspicuous consumption may be dead, they say.

Heck, even Tiffany’s is attracting hagglers.

Even the Saks CEO is “Staycationing” in the downturn.

Of course, not everyone is cutting back, so Hermes still needs supplies of crocodile hides to make $35,000 handbags. The company’s solution? Breed its own.

The word “bottom” was also bandied about. Executives were hesitant to say the economy had definitely hit bottom. But many did see some leveling off. EBay CEO John Donahoe, for example, said he has seen some stabilization in demand, as did VF Corp CEO Eric Wiseman.

Taittinger chief Pierre-Emmanuel Taittinger isn’t even concerned about the bottom line. Just bottoms up.

And about those young American women with the word “Juicy” on their sweatpants bottom? We may not be seeing that as much, said Juicy Couture President Edgar Huber.

Oh, and designer Jonathan Adler, who is hoping to make his store a “crack den of adorableness” during the holidays has his own way of generating sales: a $48 banana bud vase that he says is “so wrong.”

This week we’re getting inside views from some of the biggest names in retail…from high-end fashion houses like Hermes to department store chain J.C. Penney. Optimism among those in the industry about a turnaround toward the end of 2009 springs eternal…but what are you seeing? Where are you spending? Or, are you trading down? Ditching Saks and heading to Target? Barclays retail analyst Bob Drbul says the key for consumers in the current economic environment, no matter where they shop, is “value.” Click here to hear his thoughts:

Are you changing your buying behavior? from Reuters TV on Vimeo.