They're the ubiquitous pick-me-up we turn to in times of celebration and gloom...

But is our frenzied love affair with the cupcake fading, or - like that timeless designer handbag that claims pride of place in our wardrobe - is it here to stay for good?

A recent report in the Washington Post says the cupcake craze shows no sign of abating in the US, with around 700 million sold in the past year alone.

New York’s Magnolia Bakery, which achieved iconic status after a cameo appearance in Sex and the City in 2000, credits its $20 million annual turnover with sales of the bite-sized delights.