It's the perfect stand-by, the timeless classic, the chic party problem solver. When in doubt or despair, we love to dig out a little black dress.

Versatile, timeless and effortlessly chic, the LBD has been a classic key staple for more than 80 years, since Coco Chanel first created it back in the 1930s. Most women have more than one in their wardrobe (and some of us have about 12, but they are all different, in subtle ways).

Thanks in part to the credit crunch, this is the season of the LBD, whether you recycle an old one or invest in a new one. According to research by Asda, the average consumer has no more than £50 to spend on eveningwear this winter, which is why it has come up with some £12 little black dresses, which are also machine-washable so you can save on dry cleaning bills.

"Nearly all women love theirs for its slimming, yet curve enhancing properties," says Fiona Lambert, brand director for George at Asda.

"Men love the LBD, too; 74 per cent say it's their favourite outfit on a woman."

This autumn/winter, there's a massive black story, ranging from Gothic looks to minimalist, which means that there are oodles of LBDs to choose from. Work your way through the maze of styles – prom, sexy shift, short and sassy with feathers and embellishment, tunic style, wrap, gathered, chiffon, floaty, lace and sequin...

Most women suit one of two classic styles – a 1950s Audrey Hepburn-style close-fitting shift (generally for the more slender) or a ruched-at-the-bust, waist-skimming, fuller-skirted style (more flattering for fuller figures). The length, from mini to mid-calf, will depend on your leg shape – it is important to experiment here to work out what suits you best. Going above the knee can make your pins look longer and slimmer. If you have thick calves and ankles a mid-calf or just below the knee length will only make the matter worse. Remember that black opaque tights are fab pin problem solvers.

Consider coloured opaques, ropes of pearls and beads, statement shoes (again, think about colour – emerald, royal blue, fuchsia, metallic), big statement necklaces and huge drop earrings, especially diamante or diamond. Beg, steal or borrow (maybe not steal) because diamonds are an LBD's best friend.