What is LIFESTYLE CREEP?

Improving an entity’s standard of living defined by a luxury good becoming a necessity. The improvement comes either as an income increase or lifestyle cost reduction. As an example, a family rents a dishwasher. As dependency on the dishwasher grows, an increase in income, or a reduction in some other bills may likely lead the family to buy a dishwasher as sufficient monies now exist.

More On This Topic



Link to This Definition
Did you find this definition of LIFESTYLE CREEP helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary