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  • People being skint isn’t always bad for business
  • People being skint isn’t always bad for business
    Basheer Tome, Creative Commons (2014) ©
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Why 20-something Brits still spend when they’re skint

Brits are spending like the recession never ended. But while the purse strings have tightened when it comes to necessities like groceries, products that promise aesthetic perfection are enjoying huge growth. Why do skint 20-somethings feel the need to look good when times are hard?

Location United Kingdom

Scope
Historically, the beauty industry has been recession-proof. In fact, figures suggest that demand for cosmetics actually increases when consumer confidence is low. The so-called ‘lipstick effect’ dates back to the Great Depression, when cosmetic sales increased by 25% despite the unsettled economy. [1]

Fast-forward to 2016 and little has changed. Although the UK has been out of a recession for years, shoppers are spending like it never ended; sales at discount supermarket Lidl have risen 18.7% year-on-year. And whether people are buying groceries or a new wardrobe, the shopping mindset has shifted. “After the recession we expected ...

Canvas8

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