Jess
Lego and F1 capitalise on an old economic theory, a recession indicator usually found in more feminine markets, called the lipstick effect, with their Lego F1 collectable race cars.
Right now, everyone feels the pinch. Bills climb higher, grocery trips cost more than before, and the idea of splurging on big luxuries seems like a distant memory.
But here’s the twist: when the cost of living rises, people don’t actually stop spending on little pleasures.
It sounds counterintuitive, right? But think about the joy that washes over us when a sweet treat arrives at our door or when we indulge in one as we head home. These “treats” fuel our self-reward system, enhancing our ability to achieve our goals.
While getting a promotion feels great, we can all agree that celebrating with some cake makes it even better.
Yet, we still want and need to save money. Instead of committing to no-buy pledges, research suggests we change what we purchase.
Research from KPMG reveals that many shoppers cut back on expensive gifts but continue to buy lower-cost, meaningful items.
An old economic theory called the “lipstick effect” explains this behavior. During tough times, people forgo pricey items but still treat themselves to smaller luxuries. Instead of designer handbags, consider a nice coffee or a fancy chocolate bar.
A smaller, thoughtful purchase that delivers the same emotional satisfaction as a larger one. A sweet little treat, the internet calls them.
Enter the Mini Lego Collectables.
Affordable (£3.49), collectable, and embody the spirit of the sport (without the hefty price tag of team merchandise). With barcode scanning to find your favourite team or collect all 10 teams, it feels like playing Pokémon Go!
Mini F1 LEGO cars might seem insignificant in the grand scheme of motorsport, but they hit the sweet spot: small enough to justify, yet big enough to matter.
This collaboration proves that F1 knows how to read their market, extending beyond team merchandise and grand prix tickets.
If you and your budget can crave something a bit bigger, the LEGO F1 Champions set lets you build your favourite team’s car while remaining smaller and more affordable than larger LEGO sets.
You love the mini Lego you found; wouldn’t it be exciting to get and build a bigger, movable version for Christmas?
Not a fan of Lego? F1 covered that too!
Trading cards have recently made a comeback, with F1 joining the ranks. While it can be trickier to find the cards you want compared to Lego, this element adds to the excitement and creates a hobby. Trading provides an easy way for F1 fans to connect outside of official events, which are often not budget-friendly.
Other options include the Lando Norris x Monster drinks collaboration for £1.65 or Charles Leclerc’s LEC ice cream for £5.60.
A quick look at any driver’s store shows they have cottoned on to this phenomenon too. Keychains, teddy bears, badges, even socks can be found on their stores!
These collectables demonstrate that the right product at the right price can thrive during a crisis. They don’t replace high-end merchandise or live events, but they keep fans engaged and spending in smaller bursts.
This is the “lipstick effect” in action: when big luxuries feel out of reach, small indulgences lift our spirits. Right now, the UK toy market shows signs of growth despite the cost-of-living crisis, proving that people still seek fun items to take home.
For F1, these collaborations extend the marketing funnel. They not only keep fans engaged during tough times and drive brand loyalty but also quietly transform casual buyers into collectors.
Economic downturns don’t halt spending; they reshape it. In today’s market, the most imaginative play isn’t the flashiest new jacket; it’s the smallest item you can hold in your hand.
