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Those of us who haven’t been in school for at least two decades may have problems identifying the fashion looks that teenagers are sporting. But apparently their ensembles fall into a handful of identifiable categories such as “cowgirl chic,” “club dressy,” “glitter denim,” and “skater style.”

The classifications are courtesy of the marketing folks at Woodfield mall in Schaumburg, who recently assembled 22 teens and their parents for a fall fashion show and surveyed them on their preferences.

The teenagers’ top choice was “club dressy,” which featured boxy cargo pants paired with sleek, shimmering tops.

Parents also gave the look high marks but reserved their top rating for the “clean cut preppy look,” a perennial look that has gotten new energy from retailers like Abercrombie & Fitch Inc. and American Eagle Outfitters Inc. However, moms and dads weren’t big fans of one popular preppy fashion statement: flare-legged jeans with a “dirty denim” look. How old-fashioned of them.

Teens and their elders were on the same page when it came to styles they really didn’t like. Those included “radical retro,” a throwback to the colorful 1970s, and “skater style,” which featured jeans with hidden pockets, bandannas and visors.

That consensus is good news because 45 percent of parents said they would be footing the entire bill for back-to-school clothing, while 73 percent of teens said parents would be contributing to their purchases.

Trading up: The economy may not be in a full-fledged recession according to the latest economic statistics, but don’t tell that to upscale retailers who are suffering the worst business downturn in a decade.

Posh merchants such as Neiman Marcus Group and Saks Fifth Avenue have tightened their belts, hoping that Americans’ love affair with designer names and luxury goods is only taking a brief hiatus, not gone into hibernation.

High-end boutiques are suffering, too.

“Our business is soft. We’re feeling pain,” says Caryn Lerner, president and chief marketing officer of Escada USA Inc., the American arm of the high-end German clothing maker and retailer. “We have to scratch for every dollar.”

Given that environment, it may seem an odd time for Escada, which has a Chicago flagship store, to launch its most expensive collection yet: a line of diamond jewelry running the gamut from a $1,200 one-quarter carat diamond ring to the $8 million, 55-carat “Heart of Escada” diamond.

But Lerner, who was in Chicago last week to introduce the line, says pricey sparklers are a natural evolution for Escada, which caters to well-heeled women in their 40s and 50s who like colorful clothes and can afford to spend several thousand dollars on a single outfit. An Escada silk blouse easily can run $1,000 while a fancy beaded dress can cost $8,000 or more.

Jewelry isn’t the only line extension Escada has on the way. A women’s lingerie line, produced in conjunction with Hanro of Switzerland, will be available in Escada’s own boutiques as well as Neiman’s and Saks. Again, the new collection is consistent with Escada’s colorful styles, Lerner says. The embellished bras and unitards will work under jackets and blouses that are part of Escada’s ready-to-wear collection. Also on the way are Escada sunglasses, scarves and men’s ties.

All the extra stuff is good news for Escada’s Chicago boutique at 840 N. Michigan Ave. The large four-story shop was hampered by a lack of Michigan Avenue frontage and was considered an underperformer in its early years.

But a redesign helped maximize the store’s visibility, and Lerner says she now is very happy with it. Chicago ranks third in the U.S. in sales, trailing only New York and Beverly Hills.

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