Ponchos often appeal for lovers of the slightly eclectic folkie style of the late sixties and early seventies, but are much less than practical most of the time. Unless you're spending most of your year at festivals, you'll rarely find regular use. This Fairisle scarf from Urban Outfitters could be an effective, versatile alternative, though.
It certainly looks the part in design, with an ethnically inspired colourscheme that's slightly subdued for a folkier look. The fairisle pattern fits perfectly, set off with a tassled edge. The scarf itself is oversized for use as a cape, scarf or generally hip looking source of warmth. The best part is the versatility, with a weight that's ideal for both Winter days or cool Summer evenings.
It's available from Urban Outfitters UK for the rather reasonable price of £20.