Keisha Sarpong required an updated
work bag
To transport her documents and laptop to the office. However, upon starting her search, she found out that she did not wish for the bag to make her appear overly professional—specifically like someone carrying a briefcase—when heading to after-work gatherings. This was according to Sarpong, a 30-year-old employee at a non-profit organization who also manages a TikTok fashion page. Additionally, having ample room for travel would be ideal. In essence, what she desired was a versatile bag suitable for every situation.
The bag that Sarpong ultimately chose has a sleek black leather design, includes a compartment for a laptop, and offers ample room for various items.
water bottle
And includes notebooks, along with an adjustable strap that allows you to attach it to a rolling suitcase. While it might not be ideal for every situation, it comes quite close.
Sarpong’s quest isn’t a standalone case of a discerning buyer. She represents a rising group of customers who expect more from the items they purchase with their earned income. These shoppers aren’t only focused on bags; they also seek products suitable for both work and leisure activities.
travel
with. It’s
air fryers
Those capable of cooking nearly everything. Cosmetic items that serve a dual purpose.
skincare
Items. Or perhaps an ordinary ceiling light that, upon closer inspection, transforms into a smart projector and speaker. Confronted with
rising prices
As American life becomes more hectic, people are equipping themselves with items that function much like a Swiss Army knife.
When investing in high-quality essentials, I expect them to provide great value over time. I have a preference for items that serve multiple purposes,” explains Sarpong. She doesn’t limit this approach only to her bags; she also mentions owning travel cubes that function both as purse organizers and cosmetic cases. This way, she keeps her multi-use makeup products conveniently stored within these compartments, serving different needs such as lip color, blush, and eyeshadow.
Whether it’s higher prices,
hybrid work
, whether it’s an increasing fixation on efficiency and optimization, numerous factors motivate Americans to seek out items capable of serving multiple purposes. As
tariffs
People are attempting to find value wherever possible as threats loom over potential price hikes. Businesses could protect themselves against fluctuating consumer preferences and bolster their profits during tougher periods by broadening their range of products to cater to various aspects of customers’ daily lives. With multipurpose items gaining increasing popularity, it’s evident that we’re navigating through an era where one item serves multiple functions—essentially making it a three-in-one economy.
These days, American consumers are grappling with significant uncertainties. The prolonged period of inflation triggered by the pandemic has made individuals uncertain about what prices should be like for various goods and services.
Economic upheaval
is causing concern among people about their employment.
businesses are skimping
On the amount and dimensions of their offerings (such as smaller servings at eateries or reduced sheet counts per toilet paper roll) — causing Americans to question if they’re truly receiving good value for their money. These elements are driving individuals to search for bargains anywhere possible: According to a recent consumer survey conducted by the accounting and consultancy company EY, 77% of participants reported altering their purchasing behaviors to find greater value.
If I come across an item with multiple uses or versatility, I’ll definitely choose that over a product intended for single-use.
In today’s economic climate, what strategies can help stretch your dollar even further once basic budgeting tips have been implemented? One approach gaining traction among cost-conscious shoppers involves hybrid items. These multi-functional goods are becoming an essential part of many people’s efforts to combat rising prices, particularly when it comes to purchasing household electronics and home appliances. According to Steffen Schenk, who manages NielsenIQ’s North American division focused on technology and durable goods, there is increasing interest in such innovative solutions. He cites examples like multifunctional devices—such as combined microwave-roasters-grills known as air fryers—that offer convenience in compact spaces, along with automated cleaning robots equipped with mop functions designed for easy maintenance. Data from NielsenIQ indicates heightened consumer desire for intelligent kitchen tools and wearable technological accessories.
As Schenk points out, ‘The truth is that convenience has become one of the primary factors influencing decisions in nearly all product categories.’ He further adds, ‘Having these multi-functional gadgets truly makes a difference in this regard.’
Kristen Jaureguia, a 35-year-old payroll specialist with a lifestyle blog, has recently placed greater importance on managing her finances due to the turmoil caused by tariffs and increased inflation rates. She explains to me that she now approaches consumption far more deliberately—whether this means purchasing fewer items or conducting thorough price comparisons prior to clicking “add to cart.”
check out
” or seeking items that cater to multiple occasions.
“If I come across an item with multiple uses or versatility, I’ll definitely choose that over a single-use product,” Jauregui states.
Jauregui has been fine-tuning her wardrobe for both professional and leisurely occasions. Since the start of the pandemic, she’s traded in her high heels for cozier loafers.
sneakers
This item can transition seamlessly from an office setting to a nighttime event. Another versatile product that Jauregui has begun utilizing lately is
solid shampoo
A multi-purpose bar that serves as shampoo, conditioner, facial cleanser, and body soap has proven useful for this individual. She buys these bars from the cosmetics company Kitsch. They’ve helped her save both money and time since she doesn’t need to purchase small travel-sized versions of various personal care items whenever she travels. Consulting firm Capgemini reports that major corporations such as L’Oréal are also joining this movement by introducing their own lines of solid shampoos.
Aside from basic necessities, people are leaning towards multi-use items as they seek justification for treating themselves. Strict frugality was never really an American trait—when sales surged following the 2001 stock market dip, ex-CEO of Estée Lauder Leonard Lauder referred to the urge to enjoy minor indulgences even during tough economic times as the ”
lipstick effect
.”
Ultimately, if the lipstick you bought also serves as a moisturizer and blush, you’re really getting a lot more value for your money.
Today’s shoppers who feel pressured by continuous financial planning may skip costly trips but could still choose to indulge in some shopping as a form of comfort, according to Schenk. Should customer confidence keep dropping and tariffs create ongoing economic instability within the U.S., Schenk anticipates that the lipstick effect will become prominent through the latter part of this year.
“If you examine some of the tendencies towards self-care, well-being, and such, we anticipate observing a comparable ‘lipstick effect’ during this phase,” Schenk explains to me.
Teenagers often lead the way when trying new things, but a hybrid approach benefits everybody involved.
Sarpong has already partaken in some lipstick effect shopping — quite literally. She is a huge enthusiast of this trend.
the beauty brand Rhode’s
Pocket blushes, housed in a compact, inconspicuous cylindrical container reminiscent of a glue stick, serve multiple purposes. The versatile pigment can be utilized as a blush, lipstick, or moisturizer.
“As the name suggests, it’s compact enough to carry around easily,” Sarpong explains. “I can use it on both my cheeks and lips. It’s like getting two products in one.”
Multipurpose items enable shoppers to apply a bit of what TikTok dubs “gal math” to rationalize buying unnecessary treats even when finances are tight. Essentially, if the lipsticks you buy also serve as moisturizers and blushes, they offer greater value for money.
Aside from immediate economic factors, long-term tendencies have amplified consumers’ desire for multi-functional products. One such trend stems from the downturn caused by the pandemic.
five-day in-office
As the line separating work life from personal time has grown more blurred, customers look for items that can seamlessly transition between these two realms. This versatile functionality seems particularly attractive to people.
Gen Z
And for millennials, according to Saoirse Cleary, who serves as the creative strategy director at the marketing firm MG Empower, younger generations prioritize work-life balance. This inclination makes them more receptive to experimenting with novel items that provide distinctive wellness benefits or enhance their lifestyles, like
athleisure wear
and multifunctional
makeup products
These demographic groups are significantly more prone to discover such multi-functional items via social media platforms instead of conventional physical retail outlets.
Seeking convenience isn’t exclusive to Generation Z or millennials. As Cleary pointed out, “Young individuals often lead the way in adopting new things.” However, if an approach combines different elements, it simplifies life for everybody involved.
Another key driver behind the concept of a three-in-one economy is the American tendency to seek optimization across all aspects of daily living. Products and devices designed with multifunctionality can cater to individuals’ aspirations to excel as top performers, maintain optimal well-being, or achieve maximum efficiency. This perspective was shared with me by Schenk at NielsenIQ.
smartwatches
Trackers that monitor health indicators while also maintaining timekeeping have gained significant popularity. Between 2019 and 2023, the introduction of new items within the wearable sector surged from 5,000 to 80,000 units—a growth unparalleled across all other merchandise categories, according to NielsenIQ GfK Market Intelligence data.
Cleary additionally points out the increasing prevalence of wearable tech like
Oura rings
, offering users different types of biometric information.
Everyone aims for self-improvement, which means whatever you purchase needs to be the pinnacle of quality within your reach.
Cleary explains that people initially wanted to monitor their steps using a wearable gadget or smartphone, but now it encompasses period tracking, sleep monitoring, and heart rate measurement.
Cleary notes, “Nowadays, you must emphasize the combined advantages of a product. Everyone aims for self-improvement, so whatever you purchase needs to be the pinnacle of its category.”
In this widespread consumer trend, businesses are progressively focusing on offering multi-functional items to boost their profits, particularly when these products can fulfill individuals’ desires for a small indulgence. Cleary explains that targeting different segments of society can broaden a brand’s recognition beyond its primary customer base, thereby attracting potential clients who might not have encountered the company’s range previously.
She suggests that a bag suitable for work, the gym, and social events can attract minimalists, professionals, and fitness lovers equally, thus broadening the brand’s appeal.
Cleary adds that in her work helping global brands develop their
influencer marketing
Strategies she has observed include companies initiating multi-functional product campaigns.
Multipurpose items have the potential to strengthen connections with current clients, particularly when the economy slows down. By introducing high-value offerings that simplify daily life for individuals, businesses foster greater confidence among their clientele. Conversely, raising prices alongside a decline in the perceived utility of goods tends to alienate budget-conscious purchasers. As consumers such as Sarpong and Jauregui become increasingly selective about what they buy, having multiple functions becomes crucial; this allows brands to convince buyers that they’re making the optimal choice.
In recent years, the vulnerability of our worldwide economic framework has come into sharp focus not once but twice. During the pandemic outbreak, many enterprises were forced to close their doors, leading to a frenzy over limited supplies when stores ran out of toilet paper. Currently, we find ourselves facing new challenges.
companies struggle with tariffs causing instability
y and
Dogecoin leads to furloughs for government employees.
Consumers are experiencing déjà vu once again. For ordinary individuals, there isn’t much you can do to protect yourself from disruptions in intricate supply chains or policy choices made in Washington D.C., but altering your purchasing habits is an effective method to exercise your economic power.
“What we have done with technology has evolved. Our shopping habits have transformed, as well as how we engage with others. Therefore, I ensure that everything I buy serves multiple purposes,” Jauregui shares with me.
Because I prioritize versatility, I have altered my approach to buying makeup and skincare items,” Jauregi explains further. “Should the unexpected occur tomorrow and the world closes down, can I still manage to obtain these products somehow?
Christine Ji
serves as an investment journalist at Business Insider, focusing on the stock market and the U.S. economy.
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