Hemlines go up in prosperous times and fall as recession fears grow, or so the theory goes. Which clothes should be packed away until the economic cycle swings back up again?
What's the point of fashion if not to reflect big changes in the way we live? The decade which decked us out in every shade of brown was the depressed 1970s, which followed the economically more optimistic and stylistically more colourful 60s.
The shoulder pads of the cut-throat 80s reflected a more work-obsessed era, while efforts to portray the 90s as a more caring, tactile decade spawned, among other trends, a curious penchant for grown men to swan around in sleeveless woolly cardigans.
So, with economic fortunes turning again, how will it affect the way we dress? If this is just another cycle, then which items is it worth clinging on to for when the good times come again?
With fashion collections being designed at least 18 months before they hit the catwalk, it's unlikely that any obvious trends resulting from the credit crunch will emerge just yet. "The economic crisis will probably influence next spring/summer collections, if at all," says Stefan Lindemann, shopping editor of Grazia magazine.
What have changed are shopping habits, with people buying more staple wardrobe items. "It's a case of 'do I need it or do I want it' - is it passion or fashion?" says Mr Lindemann.
WEDGE HEELS ARE BETTER VALUE
Where seven-inch heels once reigned at the height of the good times, the fashion for flats such as loafers and ballet pumps looks set to stay.
There's a bit of an exception to the rule with platforms featuring heavily this summer - but that in itself could be a sensible economic choice. Wedges are more robust than spindly spikes or kitten heels.
So put your stilettos back in their boxes, for now anyway. "It would take a bigger crash than that of 1929 to get rid of high heels altogether," says Hadley Freeman, the Guardian's deputy fashion editor.
JEANS - WIDER IS WISER
The trend for skinny denims is hanging around but not for much longer.
But don't throw them away. Skinny jeans have a habit for coming back. During the 80s, these were the trousers of choice. Think Jon Bon Jovi. As the economy tightened its belt soon after, so fashion loosened off around the hips. Between Marc Jacobs' newly-created grunge look and the rise of hip-hop, jeans became baggier.
Now the skinny fad is yet again wavering, styles with wider legs are returning. "This summer, the only jeans to be seen in are wide, they are flattering and they will still remain comfortable when your legs have swollen in the heat," says Liz Jones in the Daily Mail.
END OF THE ONE SEASON HANDBAG
Huge handbags are on the way out. Pictures of the English Wags, in Baden Baden in the 2006 World Cup, were the pinnacle of the big bag trend when prices could reach the five-figure mark.
These days, there's less interest in being seen with the very latest bag of the moment, which will be quickly replaced by the next. "People will now be thinking, will it be the It handbag for just now or for two or three seasons? They're being a lot more careful with a spending," says Mr Lindemann.
With less money to pay for, or carry in, one's bag, it's no surprise that this accessory is one of the first to feel the pinch. Or is it simply because people are "fed up of not being able to find their mobile phones" in the abyss, as Ms Freeman says.
TIES - A LITTLE GOES A LONG WAY
If people are thinking more about paying their mortgage than buying a new suit, a selection of ties can give the same suit a different look.
This idea needn't just apply to ties either. For women, having a variety of jewellery, scarves and belts (which don't need to be expensive) can completely transform the same neutral-coloured outfit.
"People will wear brighter colours because it makes you feel better," says Mr Lindemann.
GROW YOUR HAIR - IT'S FREE!
In anticipation of a financial crisis in Japan, analysts will be watching the hairstyles of young Japanese women closely.
Why? Because, ahead of the Asian recession of 1997, they inadvertently predicted the state of the economy with their short hair, Reuters reported. As prosperity returned, so did the length of girls' hair.
In the UK, the trend-setters are split - Kate Moss with long locks, Agyness Deyn with short 'n' spiky.
"Having a haircut is a good mood-lifter. When there's a recession on, and people tend to wear plainer clothes, they seem to get more experimental with their hair," says Karen Harper, head of brand PR at Toni and Guy.
NICE DECADE, NASTY DECADE
Changing times, charted by the Magazine
http://news.bbc.co.uk/2/hi/uk_news/magazine/7416712.stm
