Have you heard of the “Lipstick Effect”? This term describes how consumers opt for smaller, more affordable luxuries instead of larger, more expensive items during economic downturns. While people may reduce their spending on high-priced goods, they still indulge in small luxuries like premium lipstick or designer perfume. The recent popularity of $4 tote bags from Trader Joe's may reflect this phenomenon in the current economic climate in both America and London.
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