The pricing shift – which commentators are calling the most extreme in decades – can already be seen in the January sales. Or the lack of them. Usually brands offer huge discounts at this time of year across nearly all product lines; so far this month, fewer collections than usual have been on sale, and for smaller margins.

But before we feel too depressed about how much less we will soon be able to buy with our hard-earned cash, perhaps we need to see this price rise like a much-needed detox. It has become increasingly hard to ignore the fashion industry’s environmental impact and humanitarian crimes – and across the board, campaigners agree that clothes are far too cheap, fuelling a trend for throwaway fashion that is destroying the environment and creating inhumane labour conditions. We know we have to try and live with less and wear what we have more: more expensive fashion will force us to actually do so. 

“When prices rise in luxury, brands tend to be perceived as even more aspirational,” says Balchandani. “But when prices rise in the mass market, consumers often reevaluate how they consume fashion. With this increase in cost, we might see resale become even more popular, and see the growth of platforms where you can buy pre-owned goods. If fast-fashion costs more and consumers have less disposable income than ever, then they might be more tempted to buy pre-worn but better-made garments.”

As we have already seen, the pandemic has sped up major societal changes from the way we work to the way we travel. Perhaps this rise in prices will lead to a similar shift in fashion. 

“I feel sorry for the squeezed middle,” says Balchandani, “but whatever happens, it’ll be an interesting year ahead.”