According to the Sun and New York Magazine, with all the madness around Mad Men and the 60s these days, thong sales are down because women are now into high-waisted pants. A couple things here. I watch a lot of Mad Men, OK? And I don't exactly remember chicks wearing those high-waisted pants. There seem to be a whole lot of dresses going on. An image search on Betty Draper looking for pants looks has been fruitless.
But in any case, I seriously doubt that the same girls who were buying thongs so that people could see them when their waistband rode below their asscracks are now wearing LBJ-years-inspired high-waisted pants. Or, oh! Am I screwing up the British word for pants? I guess they mean underpants...
Alright then, it seems that now UNDERPANTs are elephant style now, and cover the bellybutton. Who would've thought. Maybe the History Channel will make a show about heretic burning in the 15th century and chastity belts will come back in vogue.