If 2023 was the year consumers helped stave off a recession with an unexpected surge in spending, many economists predict 2024 will be the time shoppers finally tighten their belts.

That doesn't mean people will stop spending, say retail analysts. But it will change what they choose to buy. Amid factors including inflation and a slowing job market, global consumers are likely to move away from more high-priced purchases, like electronics, and focus instead on smaller, less expensive treats.

This desire for these "affordable luxuries" is common in difficult economic times. Some economists refer to the phenomenon as the "lipstick index": a small economic bump led by budget-conscious consumers seeking out relatively affordable splurges, like small cosmetics and perfumes.

Analysts at Deloitte say that the coming year will see consumers spending on little luxuries from the food and beverage sectors, like specialty coffees and snacks as well as premium spirits. Additionally, stressed-out shoppers are prioritising small splurge purchases in the wellness and personal-care sectors.

Largely, however, the experts expect the desire for small splurges to be widespread in the US and UK. After a year of consumer spending that often left economists puzzled, shoppers want to things that make them feel good about themselves – they just want to do it without breaking the bank. And retailers are more than willing to help these shoppers treat themselves.