Everyone who owns cashmere clothing will tell you how comfortable and robust it is, but there is no denying that it is the enduring sense of fashion that gives the material such an appeal, one that dates back centuries to the days when traders brought shawls and other garments down the trade routes to Europe.

Fast forward to the 21st century and an era of global trade and the world economy is more complex and varied than ever. But it remains precarious at times and with many countries suffering poor economic growth and high inflation while the US frets about the possibility of a banking crisis and consequent recession, these are not great times.

Difficult economic periods can have various effects, but one of them may be on fashion, not least for those who still have plenty of money to spend but don’t want to be flaunting it when others are struggling.

According to Business Insider, this ‘quiet luxury’ trend was last seen during the great recession after the late 2000s banking crisis, but it is set to make a comeback in 2023. 

Thomaï Serdari from the New York University School of Business defined quiet luxury as "clothing of the highest quality, but also clothing that has timelessness, is sophisticated and understated". He suggested that “clothes that whisper” are in vogue - naming cashmere sweaters among these, in contrast to designer labels with loud elements that shout out “I paid a lot of money for this”.

Whether this is as true for the UK (now not expected to enter a recession) as for the US remains to be seen; but the notion that one should dress in a relatively austere way in austere times is sound enough.

The fact that this can be done with stylish cashmere is a complement to the way such clothes do not need loud and egregious elements to stand out, which is a true mark of quality.