Now we are down to sheer desperation and plain old panic. You haven’t found the perfect gift for your wife/girlfriend/daughter/significant other. (Or he hasn’t found the right thing for you). The awful economy has led to a lot of ”practical” items that will likely not generate much Ho-Ho-Hoing.  

To your rescue – five classic fashion gifts with which you absolutely, positively can never go wrong. One of these can last many years, some a lifetime. Take our advice, and you’ll be kissin’ under the mistletoe by 9 a.m. (Send your man this URL if he needs a gentle prod.)

1. A beautiful cashmere scarf or wrap: All the better stores should have plenty of these still on shelves. Two top labels to look for are Burberry and Loro Piana. Also nice, and slightly less expensive are Emilio Pucci for a dash of color and plush White + Warren (this long ombre scarf,above, is great).

2. A black coat - trench or longer: A quality wool or wool/cashmere blend black coat is a fashion basic. Start with a shorter, more casual trench, like a MARC by Marc Jacobs (not over the top in price at $578) or a classic trench, like one from Burberry. Another classic length is nearly at the knee with a simple A-line cut (pictured below), or below the knee (this one a wool/cashmere blend). A sleek belted look, like this one by Andrew Marc, would do the trick, as well.

 3. A watch that never goes out of style: Sorry, but this one’s all about the label. Cartier, Baume and Mercier, Chanel, Charriol, Bvlgari, Chopard, Dior — they’re expensive but you won’t have to buy another one for, oh, perhaps 25 years, maybe longer. The Cartier tank (above) is perfect, or a beautiful gold with diamonds Baume & Mercier will satisfy. A classic Longines is beautiful, and it’s among the lower-priced at $1,000.  

4. Anything by Chanel:  This is a gift that separates the men from the boys. The payoff, however, could be tears of joy and screams of glee. You can’t buy Chanel clothing or bags online, except if they are used or vintage (buyer beware). So you must head to a Chanel boutique if there’s one in your area (and by your area, we mean within a four-hour drive!), or to a Neiman Marcus or a Saks that sells Chanel goods. If you can’t pay the full freight (if you have to ask, forget it) look for a reputable designer vintage Web site, because Chanels never lose their value. There are lots of Chanel goods on eBay, but most of them are likely fake, according to guides on the site. So don’t even go there.

5. A strand of pearls or diamond stud earrings:

These are fail-safe, and you don’t have to break the bank because they’re available in lots of price points. Are diamonds your girl’s best friend? Start with something in a sky blue box that will make her feel faint before the white ribbon is untied.

Tiffany has beautiful options, and a simple pair of diamond studs there starts at about $1,500. Cartier’s studs are no slouch, but if you can’t swing that, Neiman Marcus has a selection (such as the Royal Asscher square cuts) or Helzberg, where you can start at around $100.

You can get man-made pearl strands, like those from Majorica, at most quality retail jewelers, and they’re not exhorbitant. Want the top of the line? Tiffany has a simple strand of cultured pearls for $3,650, or Helzberg at the mall has an 18″ Akoya cultured strand for $1,300.