You’ll be glad to know that Zac Efron is doing his part to keep the fashion industry afloat during the global economic recession.

The 17 Again actor, whose impeccable sense of style once sparked speculation about his sexuality, splurges more than $120,000 a year a clothes.

A Star Magazine mole says: “He’s just 21, but he’s so fashion savvy. Zac has already earned a ton of money, and he loves to spend it on the best outfits that money can buy.”

And there will be nothing but the best for Zac, who swears by upscale designers like Gucci, Burberry, and perhaps most passionately, Prada.

“He goes nuts for Prada,” according to the spywitness. “He thinks nothing of buying three pairs of their loafers at $400 a pop.”