Consumers Continue to Indulge in Dinner and Drinks Amid Cocktail Culture
Despite concerns about inflation and the economy, consumers are still splurging on occasion, with 75% of adults admitting to doing so in the past month. However, fewer than half said they could afford those types of purchases. While the "lipstick index" used to be a reliable indicator of consumer spending, Deloitte's researchers found that consumers are now indulging differently, with men as likely to splurge as women and on average spending $32 on their splurges. Adults are more likely to treat themselves to dinner out or premium spirits rather than cosmetics, with consumers in the US four times more likely to have said their latest splurge purchase was food and beverages over personal care.