Which word describes fashion that is currently popular and widely accepted?

The word that describes fashion that is currently popular and widely accepted is "trendy." This term specifically refers to styles, designs, or ideas that are in vogue at a given time, reflecting the latest preferences of society. When something is referred to as trendy, it denotes a connection to what is currently fashionable, capturing the essence of present-day popularity and cultural acceptance.

The other options, while related to fashion, do not convey the same specific meaning. "Contemporary" refers more broadly to styles or movements in the context of current times but does not necessarily imply popularity in fashion. "Chic" denotes elegance and stylishness but doesn’t inherently indicate that something is widely accepted or currently trendy. "Modern" often relates to a particular style or aesthetic that is more about a distinct approach rather than something that is merely popular at present. Thus, "trendy" is the best choice for describing fashion that is in line with current tastes.