While diamonds may be a girl's best friend as Marilyn Monroe quipped in her famous song, women's spending habits show that in times of crisis a touch of colour on your lips or on your hair may be just as good. Times are tough and consumers around the world are slashing their spending on non-essential big ticket purchases. The situation is the same, if not worse, here in Ireland. The fashion industry is under pressure but when it comes to hair no woman wants to renounce her right to look her best and feel attractive. To achieve this on a budget it seems a bit of red can do the job! In cosmetics there is a particular counter-cyclical phenomenon that takes place during recessions, known as "The Lipstick Effect".

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This effect is based on the innate human desire for indulgences, even during hard times. The evidence shows that when budgets are squeezed, people simply substitute large extravagances with small luxuries. Buying a bright new lipstick rather than an expensive new bag is a good example.  “Women feel that they can’t afford to spend as much on shoes or on a new coat, so having their hair coloured is the next best thing,” says James O’Dwyer, colourist at Melo Yelo, Limerick. “It can transform your appearance improving your confidence and is relatively cheap in comparison to a dress that you only wear for a day here and there”.