It’s no wonder, then, that influencers find fame by explaining these unspoken rules: what to wear with what, which brands convey wealth and which type of bag will immediately get you shunned from a media mogul’s soirée. But the question I keep coming back to is: what’s behind this shift towards pared-back minimalism?

“The cost of living crisis, recession and growing hyper-awareness around income disparity all play into it,” explains Devlin. “Ostentatious displays of wealth are seen to be in bad taste – the ability to play down your wealth is now a luxury in its own way.” There’s a sustainability element, too. Buying one high-quality piece that lasts a lifetime is undoubtedly a more environmentally conscious (if often inaccessible) approach to shopping than repeat-buying trending items only to refresh them the next year. “It’s about consuming less, but everything costing more,” says Young.

As for why a wave of fashion fans are seeking to emulate the aesthetic, it isn’t hard to see the appeal of general wealth and its trappings. When the average first-time buyer deposit in London is £125,000 and 39% of people in high-ranking jobs were privately educated (compared with just 7% of the general population), family money equals better opportunities – and for most of us, it feels totally out of reach. “Generational wealth has become this mythical, romantic concept,” explains Rachel Lee, insights and cultural analyst at creative agency and youth culture specialist The Digital Fairy. “Its specific aesthetics have become a tool for escapism when the realities of rising living costs have become overwhelming.”

So, why fashion? “Achieving the look of wealth feels more accessible and attainable than achieving actual wealth,” she says. And clothes signify a lot, don’t they? It’s easier to ‘dress rich’ than to miraculously acquire more money or connections. “To dress like the wealthy is to communicate that you are one of them, and thus be treated better by society,” says Lee. So it’s no surprise, really, that a generation of women aspire to quiet luxury – because when the odds feel stacked against you, escapism is infinitely appealing.

What quiet luxury and ‘dressing rich’ really say about fashion’s complicated relationship with wealth