This old thing? (left to right) Kate Moss in vintage Christian Dior, Gwyneth Paltrow in vintage Yves St Laurent and Kelly Brook in a Fifties prom dress
Ostentation is always vulgar, but never more so than during a recession. This means that for many, downsizing the house, car and, of course, wardrobe is due to necessity and style.
As the crestfallen economy pinches harder, less will become more - in terms of the volume of clothes we buy and the fashion we choose to wear.
So, like the slump of the early Nineties, our fashion habits are about to undergo a major change.
The conspicuous consumption of the shoulder-padded, Versace-loving Eighties was given the boot during the last recession.
Likewise, the vogue for stepping out in head-to-toe new season will soon seem offensive.
The economic doldrums sort the smart shoppers from the daft.
The impetuous shoppers, those who've bought one-hit wonders or the trend piece of the season, will be cursing themselves now the purse strings have tightened.
But the smart shoppers who have carefully bought classic clothes over the years will find they have a cupboard full of old friends rather than old trends
"Go through your closet and rediscover things," says stylist Bay Garnett.