When times are tough consumers don’t simply stop shopping, but instead, trade down from big-ticket items to small indulgences to cheer themselves up. We’ve all been there, feeling a bit gloomy and hoping some retail therapy will raise our spirits, whether that be a posh box of chocolates or a new outfit. 

During tough economic climes, consumers traditionally snap up little luxuries – such as lipstick – to give them an instant pick-me-up, otherwise known as the lipstick effect.

However, with mandatory face masks very much part of our new normal, shoppers will be turning to other categories to give them a boost during any post-Covid recession.