Have you been treating yourself lately with a new lip gloss, a box of chocolates or another small gift? Then the ‘lipstick effect’ might have you in its grip. Budget coach Djennah Van Nieuwenhove gives advice: “You have lost your sense of control.”
When the economy is bad, buying a designer handbag or expensive shoes is no longer an easy option. But beautiful lips remain within reach. The ‘lipstick effect’ first saw the light of day thanks to Leonard Lauder, the chairman of beauty brand Estée Lauder. In the aftermath of the tragic events of 9/11 in 2001, he noticed a boost in sales of small luxuries, such as lip gloss or lipstick. Today many people would experience something similar.
We also buy more chocolate, Starbucks and lingerie
One in three Britons (32 percent) admit to buying a cosmetic product to treat themselves in the past year. This is evident from figures from the global market research agency Mintel. The number of women who spoiled themselves with a new lipstick in the past year is also not decreasing. And sales of smaller products from luxury brands, such as foundation, mascara or blush, are increasing. Despite the fact that so does the cost of life.
© Getty Images
But we don’t just turn to makeup products to cheer us up. We are also increasingly buying more expensive chocolate, a latte from the coffee bar, a tasty and healthy takeaway meal or a new lingerie set, the report shows. Yes, even if we are short on cash. Why do we do that?
Budget coach: “You deserve it, but you have to be aware of something”
Our behavior is not very responsible, but it is very understandable, says budget coach Djennah Van Nieuwenhove. “It has a psychological explanation. In times of financial stress, people often feel that they are not allowed to do anything anymore, which almost automatically makes them feel less good about themselves. They also lose their sense of control. That brings a lot of uncertainty.”
“Buying something small but luxurious, such as a lipstick, then has a double function. On the one hand, this can give you a rush of dopamine (the happiness hormone, ed.) and a feeling of freedom. On the other hand, we feel some control again. And the idea that we can and should still spend some money on ourselves gives us more self-esteem. Another bonus: the lipstick makes you look better, which makes you feel better.”
You often spend more money than when you make one large purchase
Djennah Van Nieuwenhove, Budget Coach
And if it costs so little, it can’t hurt, people often think. Unjustified, says the ‘Budget Brunette’. “You only buy a temporary patch. And because of the accumulation of small amounts, you often spend more money than if you were to allow yourself one large purchase.”
The younger generations in particular are guilty of the behavior, says the coach. “Younger people live more often in the here and now. Small, more expensive expenses such as dinners with friends, a new make-up product or a nice drink are given priority. ‘Because I still have to work all my life and I still have my whole life to save,’ they say.”
Social media and friends and family also have a major influence. “Younger people are more likely to be carried away by social pressure. Older people are more concerned with investing in a nest egg or things that they can leave to their children. They are more likely to buy a more expensive kitchen appliance, while young people prefer to invest in a new iPhone every year.”
Budget coach Djennah Van Nieuwenhove. © Steven Richardson
That doesn’t mean we can no longer spoil ourselves with such a small, luxurious purchase. On the contrary, we even deserve it, says the budget coach. “But it has to be well thought out,” she emphasizes. “Be aware that if you buy two or three of these products, you will also end up with a significant amount of money. And because it makes you feel so good at the moment, you want to do it more and more often. Beware of that.”
How do small expenses not get out of hand?
If you feel that the ‘lipstick effect’ is affecting you, then it is a good idea to draw up a budget, says the expert. “Sometimes that helps to regain a sense of control over your financial situation. Count up all those coffees, chocolates or lipsticks you bought recently. What amount does that give?”
“Also try to buy fewer small things or not buy them at all. Maybe later you can treat yourself to a big purchase, one that you didn’t think you had a budget for. Also look at things that you like or that make you happy and that do not cost you money.”
Also read:
Young people share their financial situation en masse via social media. “This way you won’t be seen as stingy”
“Is that dress or dinner worth as much now as freedom later?” Expert warns of ‘lifestyle inflation’ (+)
Do you also use these recognizable calculations to justify expensive expenses?
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2024-03-01 11:33:00
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