Tim Gunn is still saying it in 2012. From his recently published book, "Tim Gunn's Fashion Bible":
A woman is dependent on her purse to help her through the day, and so it often looms large when they think about major purchases.
The culture has taken this a bit too far, however. When I see young women walking around with $10,000 purses, and acting like they're a must-have status symbol, I cringe.
You can get a sturdy, fashionable, long-lasting day purse or briefcase for $200 to $400. This is an area of fashion where having to make do with less is a good thing. If you're budget minded, you're forced to look harder for things, and you can discover a whole world that you never would have found otherwise.
True, its not hard to buy an expenisive bag, its harder to find a bag which you fall in love more and more with time.