The retailer's role

As retailers see shoppers gravitating towards little luxuries, they're offering more and more of them.

Target, for one, has staked a flag in what they refer to as "affordable joy", which includes a curated selection of self-care and cosmetic products from black- and women-owned businesses, along with wellness-centric beauty products including those offered by Gwyneth Paltrow's Target-exclusive, budget-friendly line, Good Clean Goop.

Beyond diversifying their offerings, stores are also bringing in luxury-feeling products at lower price points to appeal to a broad sector of consumers willing to spend on small treats, but who also want feel like they are getting a deal.

In Macy's Q3 earnings call, for instance, the company touted their mix of high end and "off-price" (comparatively inexpensive or low-end) luxury items, including their proprietary make-up brand, Blue Mercury. Rather than rely on seasonal and promotional discounts that power them through holiday spending, this strategy encompasses a mix of affordable and aspirational luxury items, available year-round.

Broadly, multi-brand department stores are seeking to attract shoppers by offering a variety of luxury products at various price points, including gently used luxury items, beauty, wellness and other gifting products, says Martin. Mercer adds Macy's strategy might be part of the retailer's efforts to highlight its diverse product mix to assuage investors and analysts fears that consumers will spend less in the coming years.

Martin says not every shopper will shift their spending to little luxuries – but even those who are still coveting the "must-haves" of social media will also look to get a deal. In other words, they want the feeling of purchasing lower-priced affordable treats. To snap up these goods, shoppers are likely to tap into the re-sale market for designer items at a more reasonable price.

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.

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