I spend quite a lot of time thinking about food. I’ve always loved eating, and have spent a lifetime trying to find the perfect balance between gluttony and a healthy BMI. Unfortunately, I don’t think it exists, so I’ll probably have to accept that I’ll never be Heat magazine’s torso of the fortnight.
A study out this week from HelloFresh, the recipe kit company, has found that a fifth of teenagers have never used a whisk or potato masher, whilst a third can’t make a simple boiled egg, according to their research. More and more Gen Z types are reportedly relying on quick fixes like microwave meals or noodle recipes, in preference to cooking from scratch. According to their parents, who they probably still live with, 64% have never cooked a full meal, whilst over a third haven’t boiled an egg. 15% haven’t even ventured as far as that student staple, beans on toast.
Things have got very convenient these days, and you can order most types of food to your door with a few taps of your smartphone. However, prices are not always cheap for super handy takeouts, and a separate report out this week has identified a new phenomenon known as the “lipstick effect”. With meals out and holidays out of reach for many in the “squeezed middle”, lots are making small luxury purchases to cheer themselves up. And yes, you guessed it, those include luxury lippy, which is a market worth an eye-watering £80.4 million.
Dr Zubin Sethna, professor of entrepreneurial marketing and consumer behaviour at Regent’s University London, told the i paper : “We are experiencing, if not an economic downturn, certainly an economic standstill. People don’t necessarily stop purchasing, but reallocate... £50 perfumes act as little substitutes for ‘feel good factors’ without breaking the bank”.
Apparently, nail polish sales rose sharply during the last financial crash in 2008, and streaming services also have good figures in times of economic hardship. Netflix shares rose by 50 per cent in the first half of this year. Take the cinema as an example. I’m a huge fan, as you might know, of going to see films on the big screen. However, a family of four going to see the latest Fantastic Four at the Ashton multiplex today would be shelling out £41.96 (which is a discount, as adults pay kids’ prices on the family ticket). Add two bags of Revels for £6, a popcorn and a hotdog, plus four bottles of water, and you’re looking at roughly another £25. That’s getting on for £70 before you’ve even thought about going for some tea before or after the film. Much as I adore the cinema, this is incredibly expensive for families watching every penny. If you have an Unlimited card like I do, you’ll pay a lot less, but it’s a pricey shebang. Sonic 3 and Flow are on this weekend for £1, though, and both are excellent, so there’s my Martin Lewis money-saving moment.
Back to the lippy effect, and other examples might include treating yourself to a premium spirit, craft beer or upgrading your usual loaf to swanky sourdough. Posh chocolates, coffee, or a nice new item of clothing would also all qualify. Essentially, we are talking about little treats that give you a lift, but won’t break the bank
I’m no economist, but I feel the real inflation figure is a lot higher than the one reported, certainly when it comes to the weekly food shop. I almost needed smelling salts in the local Co-op recently when I saw the price of my usual coffee brand... and they have even reduced the size of the tin from 100g to 90g, thinking I wouldn’t notice. As a coffee addict, I noticed straight away! A good example of ‘shrinkflation’. Curly Wurlys are now so tiny, you almost need a magnifying glass to spot them on the supermarket shelf.
The origins of the “lipstick effect” may go as far back as 2001, after the terrorist attacks in America and the economic slump that followed. Whatever your money situation in life, we all deserve a little treat every now and then. I’m not here to make you feel guilty about your splurges at all. Having said that, I’ve just looked up ‘luxury lipstick’, and the first search result is for a Rouge Premier Dior lippy retailing for £500, plus £55 for a refill. I’d want my meals cooking for a month for that price! Let me know what your lippy effect item is.
Alex Cann's weekly blog - 9th January
