Goodbye cars or technology, food is the new luxury (and why that is "lipstick effect")

Just leaf through a newspaper, turn on the TV, listen to the radio or surf the internet to understand that food is experiencing a great moment of splendor. Chefs and taste experts are praised as philosophers or poets and agri-food excellence appears almost everywhere. One thing is certain: food has become the new luxury. A completely new luxury even for a country strongly linked to agri-food. A much more accessible luxury.

For economists it is “lipstick effect“, i.e. the economic and psychological phenomenon whereby consumers tend to reduce spending on the purchase of expensive and durable goods but continue to indulge in small luxuries or more accessible pleasures. The most popular small luxuries are gourmet foods, also known as luxury food, such as fine wines or liqueurs, but also apparently simple ingredients such as olive oil, the basis of the cuisine, then there is a lack of products such as caviar, foie gras, and truffles which are found not only on the most exclusive tables, but they become protagonists of increasingly widespread consumption.

Luxury food is increasingly establishing itself as a symbol of exclusivity and refinement, guaranteeing luxury culinary experiences even at home, despite a rather tense economic situation from a global point of view which, however, is not enough to discourage consumption. So much so that the growth prospect of the luxury food sector is completely encouraging: second Zion Market Researchin 2022, the global luxury food market was worth approximately $160.51 billion and is expected to grow to approximately $550.65 billion by 2030, with an annual growth rate of approximately 16.66 % between 2023 and 2030. But not only that, because according to a survey conducted by Deloitte and also reported by the specialist magazine The Grocer found that over 3 out of 4 consumers have purchased luxury foods or drinks, consistently with the phenomenon known as the lipstick effect. However, although the name of the phenomenon might suggest that people love to spoil themselves with cosmetics, the 34% of consumers chose to purchase products ranging from specialty coffees to artisan breadsbut also premium liqueurs and confectionery delicacies. The growth of the luxury food market passes through here, given that there are more than three times the number of people who have decided to indulge in purchases in the personal care sector.

“Shoppers want something special in their daily lives and what better opportunity for food retailers and FMCG brands who can meet and even exceed these expectations, turning ordinary trips to the supermarket or an evening at a restaurant into journeys of discovery and pleasure? – explained Vittorio Vaccaro, theater director and author of the book “Cooking is the theater of life” – Through the adoption of accessible luxury, fine products are expanding from starred kitchens to consumers’ homes, making the taste and ‘exclusivity within the reach of an increasingly wider audience.’

It is therefore clear how gastronomic products become real pleasure items which even drive consumer purchases, despite budget constraints.

Also eating out therefore becomes a celebration of this trendas it offers the opportunity to have a unique gastronomic experience. Referring to the Ballin’ on a budget survey carried out and published by YouGov, 24% of US consumers say they would give priority to this spending category, while for the men interviewed, eating out is the main pleasure category (16%) .