Today, the first day of Chinese New Year, marks a time when families come together across the generations for traditional treats and the usual interrogation - oops, catch-up.

But where once younger Singaporeans saw the age-old festivities as uncool, now all things old are new again, as a wave of nostalgia sweeps the country.

Suddenly, Mum's old mini-dress in the back of the wardrobe and last worn when she was a teenage tea-dancer is coveted by her daughter as must-wear vintage gear.

Even Granddad's Brut aftershave is no longer some sweet-smelling and dated pong - but the scent of a lost, more innocent era.

Undergraduate Shaun Sim, 23, who spends about $100 a month buying vintage T-shirts, says: "Old stuff has more personality. The fact that someone used to wear it... it makes you wonder who this person was, and what he was like."

Some call it New Nostalgia, inspired by a global trend to hark to the past to find inspiration for today.

Others reckon it is to do with things closer to home - the fact Singapore turns 42 this year and has more of a past to look back on, and so feel nostalgic about. Whatever the reason, one thing's for sure: There's gold in old.

Sepia's the new black

Increasingly more businesses are using the lure of yesterday-once more to woo customers of all ages, whether they are reliving the glory days of a-go-go or are young hipsters curious over what the fuss is about.

An informal LifeStyle survey of several big players in the business of recycling nostalgic appeal indicates that over the past two years, at least $20million has been invested in re-creating concepts that hark back to olden times.

From run-down hotels made new to vintage furniture and fashion, from retro-style food courts to stores hawking old-school collectibles, sepia is the new black.

Author Ong May Anne says Singaporeans are not unique in their appetite for nostalgia, but "what's surprising is how long it's taken many of us to start appreciating the past".

So What is nostalgia, and why is it hitting the Singaporean consciousness?

conventionally defined as a sentimental longing or wistful affection for the past, nostalgia refers to a yearning for simpler times.

Sociologies Chua Beng Huat explains: "People tend to have a kind of selective amnesia about the past. Not only do they remember it, but they also embellish it and make it better than it really was.

"Sometimes the stresses of the present make the past look a little bit more golden."

On the other hand, for many Singaporeans, looking back at the past can confirm national and social identity, an indication of how far they have come.

But it is also simply a good sell. Nostalgia is now a common tool in business and branding because of its power to trigger a gamut of emotions from pride to pensiveness.

Mr Chris Chiu, executive creative director of advertising agency Leo Burnett Singapore, says nostalgia is especially effective in targeting babyboomers and early Gen X-ers. "These people know what a 10-cent bus ride on SBS was like."

Adds Mr Charles Wigley, chairman of agency BBH Asia Pacific: "People tend to remember the past as a sunnier place, so it's quite easy to use nostalgia as a comforting thing."

Still, brand gurus warn that nostalgia is not a surefire way to connect with audiences. Mr Chiu says: "The product itself should have some history. otherwise the relevance of nostalgia is not that strong."

Go with the flow

But the recent wave of rehashed nostalgia begs the criticism that the manufacturing of memories comes across as artificial, sanitised and even blatant bandwagoning.

Laments accounts executive Diana Lim, 33:"Suddenly, it seems like everywhere I go, from restaurants to shops, the theme is nostalgia. A few old Coke bottles here some retro furniture there... it's all not very original any more."

Still, what happens to original historical places and businesses without investors to give them a second lease of life?

Some, like the 7th Storey Hotel in Rochor Road, have learnt to go with the flow. Built in 1952, it was once a five-star establishment frequented by British colonials.

But it was later hit by competition from international branded hotels. In 1997, it renamed itself the New 7th Storey Hotel and began targeting backpackers instead.

Thankfully, much of its old charm has been deliberately preserved, says the hotel's operations manager Shirley Fong. Its famous manually operated "cage" life still stands, and is operated by old men in flowery shirts.

Singapore Heritage Society president Kevin Tan points out: "One blind spot in our conservation and preservation paradigm is that lots of modern classics fall through our cracks."

But there's time to catch them yet. Over the next 28 pagesm whether it's old or new nostalgia you are hankering after, LifeStyle takes you on a nostalgic journey around Singapore.