You don’t need a Financial Times subscription to tell you that the global economy is looking a bit jumpy right now. Just take a browse at the online clothes shopping landscape. Pretty Little Thing (PLT), one of the UK’s most infamous fast fashion brands known for selling clubbing attire at bargain basement prices, has rebranded to selling “elevated fashion essentials”.

Gone is the all-pink logo and packaging. In its place a palette of greige, sage, taupe and watered-down burgundy. The hyper-realistic winged unicorn hasn’t been taken out back and shot, thankfully, but he has been flattened into a heraldic-style line drawing reminiscent of the Burberry Equestrian Knight Design.

The new logo also looks like an amalgam of various designer brands that use an interlocking monogram as a calling card. In PLT’s own words they are “pay[ing] homage to the craftsmanship of luxury house emblems”.

It’s the fashion equivalent of an influencer getting her lip filler dissolved and getting some low lights. It’s also a recession indicator. Bland colours and less ornamentation are cheaper to produce and lend themselves to a more drab yet functional wardrobe.

PLT’s target audience’s tastes may have changed, but how much is that due to Gen Z and Alpha growing up into rubbish economy? Wearing £5 dresses to the club and 99p bikinis on your holiday is out, sure. Because no one can afford to go out on the town every weekend and jet off to Ibiza/Mykonos/insert island destination of your choosing here four times a year.