It's the creative brainchild of Vogue Editor-in-Chief Anna Wintour, who used the idea to spur spending in the last recession. She urged even those affected by the recession to splurge on something small, like a lipstick in a new fall color, to boost the spirits.
For those who can afford more, it's a good opportunity to update your fall wardrobe with some new additions and accessories.
But with so many choices, what should you buy?
We combed the stores and checked with stylists to come up with 10 popular trends for fall.
1. Color Me Red
Following on from the jewel tones that have been so much in vogue lately, look for deep reds, bordeaux and burnt oranges to pack a punch this season. Top fashion houses have incorporated these bold colors into their collections in everything from day and evening wear, to fall coats and accessories.
My personal favorite red dress of the season comes from Roland Mouret (one of Princess Kate's favorite designers). The Brownlow red crepe dress is contoured to perfection, nips in at the waist and ends in a pencil slim skirt and feels like a luxurious second skin on.
Also look for grey to become the new neutral this season. Accessories also take on the colors of the season, with burgundy red being the color for the "it" bags of the season and grey turning up in hats, gloves and scarves.
2. Color Blocking
Look for bold color choices in dresses for daytime and night with this trend. Fashion forward designers have adopted the concept and incorporated bold colors with neutrals for an all-out dramatic look. It's seen in both casual wear for the office or evening clothes for a night on the town.
3. Return to the '60s and '70s
Look for a blast from the past to serve as inspiration for the season. High-waisted, figure-hugging pencil skirts make a return appearance and '70s glamour rocks the red carpet in sensual sheaths that skim the body in shimmery, sequined fabrics.
4. Invest in Gold
Gold isn't just going up in value as a commodity; it's also become a must-have look for fall. The shimmer of last season is still there but the silver tones aren't.
Consider pairing a toned-down outfit with a burst of bling. Cuffs are making a big splash this season and Aroxta.com has a new line of affordable haute couture Hermes-inspired cuffs in dramatic 22K gold finishes. The shimmery lemon and faux fur cuffs will have tongues wagging.
Los Angeles-based designer to the stars Devon Leigh has an edgy one-of-a kind line of accessories that can be found at stores in Los Angeles and New York, as well as select boutiques nationwide.
Shimmer doesn't stop with the clothes and accessories. Look for it in your make-up kit, too. Celebrity make-up artist Goddess, who has worked her magic on a host of celebrity and television personalities, says to add that final "wow" factor, top a deep red lipstick with a drop of gold shimmery eye shadow in the middle of the upper and lower lip. It will add a "sparkle that will sizzle all night long." Also look for Bobbi Brown's new lip gloss in "Canary" which combines light-catching shimmer with lasting, non-sticky shine. The color will last all day and has the added bonus of being enriched with Vitamins C and E.
5. Skin is In
No - not the "au natural" look. Think leather or reptile. High-end designers are using this aplenty on everything from skirts and vests (another big trend) to all out leather dresses (think Emma Peel from the '60s show "The Avengers") and coats. Of course, in the interests of keeping the PC rating high and costs low, consider faux versions like your favorite celebrities do
BCBG's pleated "Elsa" is a faux-leather skirt available at the store and online. Dramatic and stylish, it will serve as an investment piece that can be played up or down.
Another trendsetting look is reptilian jewelry to accentuate the skins you will see in shoes, bags and clothes. Jewelry designer Patty Tobin says her new collection is devoted to the look.
The innovative fashion queen has launched an exquisite line of beautifully crafted fired agate and crystal necklaces that can be draped in a variety of ways for an all out killer look. Her pieces constitute wearable pieces of art that will work for this season and beyond. Patty's line is set to expand from her flagship NYC store to Miami and Eastern Europe as well as being available at PattyTobin.com.
Faux fur is cropping up in many of the runway collections. If you are hesitant to incorporate the look, one of the safest and fashion friendliest ways to do so is by investing in fur trimmed booties, which are huge this season. Look for a pair in slate gray to stay on trend. And if you want to make a modest investment to keep your look fresh, try H&M's fur trimmed hat in grey. The store also offers vests or gloves at prices that won't shock your pocket book.
Look for the romantic return of lace this fall. In black, navy and grey, the look is updated when played up by using a flesh underlay. Tadashi Shoji shows it off to perfection in evening dresses from his new collection. And for a modern twist, look for Prabal Gurung's version draped on style icon Sarah Jessica Parker to turn every head in the room.
8. Floor-Length Coats
Celebrity fashion stylist Felix Mercado says long and lean is what you need to look mean this season. "Warmers that barely cover your booty are OUT," the CEO of "Say It With Style" warns. He says the look is just right when your coat almost skims the ground and hugs your curves with a clean tailored look. To take it up a notch, add a belt to cinch the waist.
9. Cape Fever
Look for capes in all shapes and sizes to make an appearance this season. They are uber-hot. Nordstrom has a good selection at all price points.
10. Handheld bags
Look for all the top designers you love to turn out bags that are as edgy as ever, but return to being handheld. While clutches are still around, they and the handbags with long chain straps are taking a back seat to bags with shorter handles. Studs, fur, skin and berry reds all make a big splash.