The 53-year-old television star was Holly Willoughby's replacement today, and she hosted the show alongside Phillip.
Television star and fashion expert Gok Wan was talking all about clothes with pockets in the ITV programme's fashion segment.
Gok revealed that the boots were just £26, to which Davina exclaimed: "What? I like all the really cheap shoes."
"It's good isn't it? Nothing wrong with that", added Gok.
But Phil quickly warned Davina they were not allowed to use that word.
He scolded: "Budget, budget. Never cheap, never cheap", and Davina apologised.
Viewers noticed the awkward moment, as one tweeted: "Davina calling the boots cheap not 'budget'".
While another wrote: "CHEAP! How rude! Send Davina home come on Phillip Schofield."
The presenters quickly moved on with the fashion part of the show, and viewers still showered Davina with praise as she hosted today's This Morning.
One viewer wrote: "Loving This Morning today! Davina's enthusiasm is a breath of fresh air."
"I really love Davina on This Morning. Love her energy", gushed another.
A third added: "Usually weird someone taking Holly's place but Davina is doing a great job I can't stop laughing."
Holly Willoughby was missing from This Morning for the second day running as Davina stepped in to replace her.
Willoughby was also absent on Wednesday, and her replacement Alison Hammond explained she was having a "well deserved day off".
Today, Phillip explained Holly was having another day off and would be back on Monday.
This Morning airs weekdays at 10am on ITV.