Buy a £5 flat white or save for a house deposit? The rise of 'treatonomics'

Faced with the cost of living crisis, many indulge in 'inchstone' rather than adult-milestone purchases

- Emma Haslett

Shortly after 9/11, sales of lipstick spiked. “When lipstick sales go up, people don’t want to buy dresses,” said Leonard Lauder, former chairman of the cosmetics giant Estée Lauder. His point was that people always want to buy themselves things: it’s just that when they don’t have much money, those things get smaller.

“Treatonomics” has gained traction over the past few years and a dopamine-fuelled cottage industry grew up around it. From artisanal bakeries to upmarket candles, “little treat culture” became mainstream.

In 2025, those treats became bigger. With costs continuing to rise, adult milestones remained out of reach, so consumers chose to deploy disposable income on “inchstones”. Research by Kantar shows that 36% of consumers are prepared to go into short-term debt to spend on these tiny rewards.