Lyric discussion by infamous branmuffin 

Cover art for Oh Bondage Up Yours! lyrics by X-Ray Spex

I agree with asstronaut et. al. that this song is primarily about consumerism... But I would take it a step further and say it specificly refers to consumerism within the punk scene and the punk "uniform" of bondage pants and spikes etc. By the late 70's, merchandisers had begun to capitalize on the punk phenomenon (Malcolm McLaren & Vivienne Westwood, anyone?) and you could go into some stores and purchase ripped shirts, collars, and (of course) bondage pants.

seeing a pair of bondage pants in a store window actually inspired her to write this song, so you are correct.