The cheapest alternative is to take bubble wrap and attach it with duct tape - not my idea, someone else on this forum. You could duct tape fabric straps to the bubble wrap, so you can re-use it.
Or you could go to a used sporting goods sports (like Play It Again Sports), and buy some old football (American Football, not soccer) and hockey gear. It is supposed to be very effective.
A lot of people cut up foam mouse pads and put them under their clothing.
All these things are bulky. The "stylish" padding advertisements say they aren't - but the problem is, it is precisely the thickness and compressibility which is protective. That may not seem fair if you are looking for style, but from a physics perspective, you need to decrease the rate of deceleration from the impact, by decelerating over a longer distance, by using thick compressible padding. In principle something like Kevlar or something with a rigid outer shell could be somewhat thinner and still somewhat work - by spreading the impact over a larger area. But otherwise, thickness and compressibility are all that matter.
Bubble wrap probably should work the best, because there is so little extra matter to get in the way, just the compressible air which does the work.
Someone should sell a "bubble wrap suit" that covers everything but your eyes. (Call it the Burqa Suit.)
It would keep you very warm too. We'd have to change the fashion standards of figure skating just a tiny bit.
Hope that helps!