The magic thing about knitting and crochet for that sake is that it's made out of one uninterrupted line of thread. In principle. Of course much of the knitwear you can buy in the shop today is cut into shape. Such a pity. Chops the thread up into little pieces. Makes it useless for recycling. Or reknitting, the new buzz-word.
I have been reknitting for ages, for many reasons. Practical ones like I'm just a frugal person, so why would I go out and buy new yarn, when actually I have heap loads in stock, lying in my cupboards in the form of unused sweaters that went out of fashion etc. But another reason is also that much of the yarn you can buy today is really crap, it's just not nice, not a nice texture, mainly made of artificial material, whereas I prefer, cotton, wool etcetc.
If you unlike me, don't have the cupboard full of old knittings, you can just go to the salvation army and buy some nice old sweater etc, unravel it, and make a nice new piece of work. Supercheap and absolutely fashionable way to get through the recession, frugal or not.