THE credit crunch may be nipping at our heels, but with a little know-how, you could fit your Christmas shopping into your holiday and pull off some budget luxury. It could be as simple as stocking up on 47-proof Balvenie single malt at the airport, or as ambitious as booking a one-way flight to Munich to drive back a new car from the BMW or Mercedes showroom.

Prague - design

The British and American expat invasion of Prague in the 1990s has resulted in a marriage of contemporary design with traditional Czech workmanship. A prime example is Artel (00 420 271 732 161, www.artelshop.com) in Stare Mesto at Celetná 29. Owned by the American Karen Feldman, the shop produces stunning hand-blown glass. Other highlights include Modernista (00 420 224 214 852, www.modernista.cz) at Celetná 12, which sells original and reproduction Cubist design and Manufaktura (00 420 221 632 480, www.manufak tura.biz), which sells wooden toys at Melantrichova 17.

Stay: The Icon Hotel (00 420 221 634 100, www.iconhotel.eu) has doubles from £135

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Venice - optics

Glass and Venice have been linked for centuries, but the best bargains don't come from the satellite island of Murano. Ottica Carraro (00 39 041 5204258, www.ottica-carraro.com) sees a steady progression of the stylish towards its shop near San Marco, all clutching prescriptions from an optician. Handcrafted frames cost about £65 and come with a lifetime guarantee. Architects, in particular, thrill to the folding Venice 45 range (£74). Most lenses can be fitted the same afternoon, or at most, overnight.

Stay: The Hotel Antico Al Ponte (00 39 041 2411944, www.alponteantico.com) has double rooms from £237

Rio de Janeiro - jewellery

Brazil's glitziest city is famous for its gemstones, and buying jewellery here is a much cheaper pastime than in Europe. Almost all the main showrooms are in Ipanema, two blocks away from the beach, around Rua Visconde de Pirajá. As well as the well-known H. Stern, you will also find the more contemporary Antonio Bernardo (00 55 21 2523 3192, www.antoniobernardo.com.br). Still on Rua Visconde de Pirajáa, you'll find Lenny (00 55 21 2523 3796, www.lenny.com.br). His bikinis are worn by a host of celebrities.

Stay: The Copacabana Palace (00 55 21 2548 7070, www.copacabanapalace.com.br) has doubles from £282

Jaipur - crafts

A beautiful alternative to the bustle and bling of Bombay, Jaipur is home to some of India's best craftspeople. People rave about Anokhi (00 91 141 400 7244, www.anokhi.com) in Prithviraj Road for bedspreads, quilted jackets and curtain fabric. Soma (00 91 141 222 2778, www.somashop.com) on Jacob Road has tablecloths, napkins and cushions. For ceramics, head to Neerja Pottery (00 91 141 222 4395, www.neerjainternational.com) on the Bhawani Singh Road. Owned by the Government, Khadi Ghar on MI Road (00 91 141 237 3745) has miniature paintings, raw silks and furnishings. Best of all, the prices here are both reasonable and fixed.

Stay: Sheraton Jaipur Hotel (00 91 141 5100100, www.starwoodhotels.com) has doubles from £226, breakfast included

Bangkok - tailoring

The Thai capital still has some of the best tailors in Asia. Sophia (00 66 2 268 0916) on Oriental Avenue can run up everything from silk evening dresses from £60 to fully lined trousers. Those in the know make sure their visit is long enough to have two fittings. For cheaper shopping, the new Siam Paragon (www.siampa ragon.co.th) is the largest shopping mall in Southeast Asia.

Stay: Mandarin Oriental (00 800 2828 3838, www.mandarinoriental.com) has doubles from £241 a night, including breakfast

Beijing - old and new

Geography means that pearls can be a good buy here - Condoleezza Rice buys hers at Sharon's Store (00 86 10 6717 1888, www.sharonpearl.com) in Hongqiao Market. For something more traditional, the San Shi Zhai Feng Zheng Kite Store (00 86 10 8404 4505) at 29 Di'anmen Xidajie in Dongcheng sells gossamer-thin paper and bamboo wind-powered art.

Stay: Design Hotels (00 800 3746 8357, www.designhotels.com) has doubles at the Emperor Hotel for £117, including breakfast

Johannesburg - artefacts

Eminently affordable in recent years, but with more than 15 rand to the pound, South Africa represents even more of a bargain at the moment. Described as an “anti-mall”, 44 Stanley Avenue (www. 44stanley.co.za) offers particularly enticing shopping with a strong fairtrade slant. Among its many pleasures is the African Toyshop (00 27 83 5417 617, www.theafrican toyshop.prosort.co.za), which sells handmade wooden artefacts that are as much artworks as they are playthings. Sourced from locations across Africa, a wooden safari set, with vehicle, costs £25 and a wooden Land Rover £13.

Stay: i-escape (www.i-escape.com) has doubles at Ten Bompas from £178, including breakfast

St Petersburg - delicatessens

Russia is the last bastion of the unrepentant - and politically incorrect - consumer. So it seems appropriate that bargains here come with the most traditional luxuries. Sevruga or Oscietra caviar costs about £45 for 30g, but exporting it is illegal. You can however, take red (salmon) caviar home.

Stay at: The Hotel Astoria (00 800 7666 6667, www.roccofortecollection.com) has doubles from £243 a night.

Buenos Aires - leather

In the Argentine capital, it's all about leather. Pasión Argentina (00 54 11 4777 7550, www.pasion-argentina.com.ar) at 1780 Ravignani supports indigenous communities in the north of the country by selling a mouth-watering collection of leather bags. Off Calle Florida, Bettina Rizzi at 547 Paraguay (00 54 11 4313 5307,www.bettinarizzi.com) might look unprepossessing from the outside, but her made-to-measure leather jackets are justly famous (bring in a photograph of a style you like). Prices start at £285.

Stay: Bobo Hotel (00 54 11 4774 0505, www.bobohotel.com) has doubles from £105

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