When times are tough, we still want to treat ourselves to a little luxury. Maybe in the form of a nice lipstick. The Lipstick Index, or The Lipstick Index, was born in 2001 when the sale of lipstick took an unexpected and substantial jump in the midst of a burning recession in the United States. Everyday luxury at an affordable price simply seems to work as a consolation when we can’t afford to buy expensive designer clothes or a new car.
Does not change the breakfast
– We often spend on large purchases such as furniture, interior design, travel or a new car, when times are tough, says Ulrika Holmberg, consumer researcher at the School of Economics at the University of Gothenburg.
However, something we do not shy away from is food in general and breakfast in particular.
– No, breakfast in particular is not something you usually cut corners on, regardless of the economy. However, you are more likely to change your lunch and dinner habits.
We also continue to prioritize social activities, such as going out to eat with friends.
– During the pandemic, when we couldn’t socialize as much, we instead bought more food and alcohol that we consumed at home, says Ulrika Holmberg.
Need that little extra
She says that the latest Consumption Report from 2022 shows that Swedes have rarely been as pessimistic about the private economy as they are now. And then we may need that little extra that stands out in everyday life.
– Therefore, we do not stop consuming, but we change consumption patterns. We continue to buy what is really important to us, but not as often. It can be about food, you might continue to eat meat even though it is expensive, but in smaller portions. We indulge in our hobbies and activities, such as exercise, but we might switch to a cheaper gym card.
Here she explains more about our consumption in times of crisis.