Have you recently treated yourself to a new lipgloss, box of chocolates, or other small gift? Then the “lipstick effect” might have you in its grip. Budget coach Djina van Nieuwenhove offers advice: “You've 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 are still within reach. The “lipstick effect” first appeared thanks to Leonard Lauder, head of the Estée Lauder cosmetics brand. In the wake of the tragic events of September 11 in 2001, he noticed an increase in sales of small luxuries, such as lip gloss or lipstick. Today many people will encounter something similar.
We also buy more chocolate, Starbucks and lingerie
One in three Britons (32%) admit to purchasing a beauty product to treat themselves in the past year. This is evidenced by figures issued by the global market research agency Mintel. The number of women who spoiled themselves with new lipstick in the past year is also not decreasing. Sales of small products from luxury brands, such as foundation, mascara or blush, are increasing. Despite the fact that it costs life as well.
But we don't just turn to makeup products to make us happy. The report shows that we are increasingly buying expensive chocolate, a latte from a café, a delicious and healthy quick meal, or a new set of underwear. Yes, even if we are short of cash. Why do we do that?
Budget Coach: “You're worth it, but you have to be aware of something.”
Our behavior is not very responsible, but it is very understandable, says budget coach Djena 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 automatically makes them feel less satisfied with themselves. They also lose their sense of control. This brings a lot of uncertainty.” certainty.”
“Buying something small but luxurious, like lipstick, has a dual function. On the one hand, this can give you a dopamine boost.” (The happiness hormone, ed.) And the feeling of freedom. On the other hand, we feel some control again. The idea that we can and should spend some money on ourselves gives us more self-esteem. Another advantage: lipstick makes you look better, which makes you feel better.
You often spend more money than you would when you make one large purchase
Gina Van Nieuwenhove, Budget Coach
People often think that if it costs very little, it won't be harmful. Unjustified, says the “budget brunette.” “You're only buying a temporary patch. And because small amounts accumulate, you often spend more money than if you were to allow yourself one large purchase.
The coach says that younger generations in particular are guilty of this behavior. “Young people often live in the here and now. Priority is given to smaller, more expensive expenses like dinner with friends, a new makeup product or a nice drink. Because I still have to work my whole life, and I still have my whole life to save,” they say.
Social media, friends and family also have a big influence. “Young people are more likely to get carried away by social pressures. Older people are more interested in investing in nest eggs or things they can leave to their children. They are more likely to buy expensive kitchen appliances, while younger people prefer to invest in a new iPhone every year.”
This doesn't mean we can no longer pamper ourselves with such a luxurious little purchase. On the contrary, we deserve it, says the budget coach. “But you have to think about it carefully,” she stresses. “Be aware that if you buy two or three of these products, you will also end up with a large sum of money. And because it makes you feel so good in the moment, you will want to do it more and more. Beware of this “
How do small expenses not get out of control?
If you feel like the “lipstick effect” is affecting you, it's a good idea to set a budget, says the expert. “Sometimes it helps to regain a sense of control over your financial situation. Count all the coffees, chocolates or lipsticks you've bought recently. How much does that give?”
“Also try to buy fewer small things or not at all. Maybe later you can treat yourself to a big purchase, one you didn't think you had a budget for. Also look at things that you love or make you happy and that don't cost you money.
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