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There is something discomfiting about the phrase 'designer denim', given that jeans are supposed to be inherently practical, democratic and affordable. I wear mine on a near-daily basis, rotating between half a dozen different pairs; and though they are a variety of shapes and shades, several dating back a decade or so (skinny, cropped, flared; dark indigo, classic blue, faded grey), none cost over £50, and most far less.It is therefore with some caution that I mention the revival of expensive denim; but it seems to be gathering speed, despite economic stagnation and other global anxieties, to the extent that financial analysts are taking notice. Their general verdict is that last year the denim market was sagging - down six per cent in America - but a shift from skinny jeans to flares has given sales a recent boost, particularly among the high-end labels like J Brand or True Religion , where prices rise upwards of £200.Certainly, Net-a-porter has confidence in the selling power of expensive denim: Stella McCartney 's cropped flares for £285, and Derek Lam 's wide-legged jeans already sold out at £360 a pair. Skinny designer jeans still haven't gone away - Net-a-porter is selling Balmain 's black and white striped version for £1,165, which seems to me an unfeasibly high price, but apparently there's an eager market (indeed, several sizes are now out of stock). And on recent trips to Paris I've observed just as many chic Parisiennes remaining faithful to their narrow jeans as adopting flares.
So I'm not sure whether we're at a tipping point, or if an economic recovery can be read into the shift from the familiar skinny outline towards wider legs (typical of how the pendulum of fashion swings towards volume, while models shrink ever smaller). And even if flares do come to predominate in the coming months, as is being predicted by any number of pundits, then what might this indicate for financial markets? After all, flares predominated in the gloomy 1970s, when stocks crashed as jeans flapped around the ankles.

All things considered, I'm not going to risk further debt for the sake of a new piece of Stella McCartney denim (though I do very much like the look of it), but I will contribute a tiny personal effort towards consumer confidence by wearing Gap mid-rise flares. They take some getting used to - there's less room for waistline spillage, and they don't work with roomy tops or knee-high boots - but I'm not chucking out the old favourites; for in fashion, as in life, what goes up must also come down…