We had the rib re-upholstered this year, 10 years after the last re-fit.
We chose some Silvertex fabric - Silvertex Vinyl fabric
You can get it in a kinda 'waterproof cotton fabric' - it looks quite matt-like. It's probably not to everyone's taste but we like it.
Another thing to think about is that the 'additional cost' of a quality fabric will be small in comparison the overall cost of the job. Also, a poor finish would probably annoy you for a quite a few years and no one wants to be annoyed when playing with their toys!!