Our wallets may be empty, but our makeup bags are overflowing!

According to new market research, British females are fighting the recession blues by spending more on makeup, the Daily Mail reports.

Market research analysts Mintel say that cosmetics sales rose by 7.4 percent from 2007 to 2008, totaling £1.2 million pounds (or about $2 million), according to the paper.

Dubbed the "Lipstick Factor" (or "Leading Lipstick Indicator"), the research reportedly suggests that, rather than opting for bargain drugstore beauty buys, women are weathering the recession by indulging in high-end cosmetics for a little taste of feel-good glamour.

"A 25- to 34-year-old woman in the UK is carrying £71 (almost $120) worth of makeup in her handbag and there is no sign of her giving this up in the downturn," George Wallace, chief executive of shopping consultants MHE Retail, told the source.

"If anything she is buying more to cheer herself up."

Sources tell the paper that the Great Depression spurred a similar increase in beauty products.

The Mintel research also saw a 6.7 percent increase in face and body skincare products and 4.6 percent increase in women's fragrance, the paper notes.

And just what shade of lipstick is best when you're in the red? Er, red, apparently. Selfridges director Anne Pitcher told the paper, explaining that the bright hues are great for boosting women's confidence.

We'll take two!

See why sales of men's underwear have also gotten a big recession-era boost.