The economy may be rebounding, but experts say luxury consumers still have their feet firmly on the brake. According to consultants Bain & Co., the worldwide luxury market will shrink about 10 percent this year and isn t expected to return to prerecession levels until 2012. With bling now a bad word, companies are pitching consumers fundamental must-haves only fancier and pricier, of course.

But hey, it s the holidays. So while the luxury industry s version of essential might not always play out in the real world, we came up with our own version of the new essentials: five products (today: netbooks) that are finely crafted and, at times, indulgent but also utterly practical. And while some (folding bicycles?) may not seem like luxury items on the face of it, they each have the ability to bring a little extra pleasure to the year ahead which, for many, is the true definition of luxury.

NETBOOKS

OUR TOP PICK:
HP mini 311 ($399)

RUNNERS UP:
Dell Inspiron Mini 10 ($349)
Asus EEE PC 1008HA ($430)

One industry analyst calls the netbook the world s first disposable PC. We wouldn t go quite that far. Since its debut two years ago, this Lilliputian laptop has quickly become one of the most practical and still fashionable digital accessories.

Last year, just over 1 million netbooks were sold. But 2009 sales are expected to jump nearly sixfold, according to market research firm IDC, as more consumers purchase a replacement or smaller companion for older, clunkier models. These mini machines are still best suited for Web surfers who spend most of their time e-mailing, writing and streaming movies on the go (they typically don t include a DVD drive).

And even though the average netbook now sells for just $325, down 22 percent since summer of 2008, more companies are taking a page from the cell-phone industry and designing them not only as high-tech tools, but as fashion accessories as well. Buyers can now customize the surface shell with colors like purple, pink or sable brown; Dell just released 200 designs think screensavers for the outside of your machine including floral patterns, baseball team logos, even flying polar bears.

But don t let the flair color your vision entirely. Experts say the best netbooks have tried to address common complaints, like their propensity to cramp fingers. Look for models around 10 inches in size, instead of 7 or 8 (roomier keyboard). And check for improvements in processing speeds, which makes things run more smoothly when you re, say, checking your Gmail and streaming free movies from Hulu at the same time.

That s one of the reasons we especially like HP Mini 311 ($399), a 3.2-pounder that blazes along faster than most of its competitors and boasts a finger-friendly keyboard that s only 8 percent smaller than a traditional laptop s. And when it comes to watching movies, not only is the Mini s 11.6-inch screen at the top of its class, but its resolution is much stronger and brighter, too. Squinting not required.

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New Essentials: Men's Satchels
New Essentials: Women's Watches
New Essentials: Folding Bicycles
New Essentials: Cuff Links