On the Glossy Podcast, senior fashion reporter Danny Parisi and international reporter Zofia Zwieglinska break down some of the biggest fashion news of the week.

This week, we're discussing the K-shaped economy, a term that has recently come into vogue to describe the sharply diverging fortunes of wealthier Americans and the rest. At the higher end, consumers are still spending as if nothing has changed, but lower-income consumers are cutting back on spending as the cost of living increases nationwide.

This has led brands across the fashion industry to shift their strategies. Some of them are shifting their focus to the high-end consumer, raising prices to extract more from those who are still spending. Others are placing greater emphasis on lower-priced items in their catalogues, such as Nordstrom's recent efforts to make sub-$100 gifts a focus of the holiday season.