In an age of relentlessly rising prices, even the most luxurious things are replaceable. But chocolates, biscuits and nutribars aren’t.

People are prioritizing the ease and comfort of snacking in their busy lifestyles—often, even replacing entire meals for it.

“I think what we're seeing is the continuing, enduring power of snacking,” Nick Graham, senior vice president and global head of insights and analytics at food behemoth Mondelez, told Fortune in an interview. In its State of Snacking report for 2023, released Thursday, the Chicago-based food company studies how consumers around the world think about snacking.

Graham has observed that people are using snacking “increasingly as a way to provide that pleasure [and] indulgence that’s more affordable and accessible,” especially when big experiences like travel feel out of reach.

As the cost-of-living crisis has persisted, the snacking industry has grown in markets like the U.S., the U.K., and Germany, according to data insights firm Mintel. Mondelez’s 2023 State of Snacking report found that two-thirds of people are giving in to the so-called “snackification” movement, breaking up big meals into smaller ones spread out throughout the day. This trend has been cooking for years, accelerated by the pivot to hybrid working, but has proved its ability to endure amid rising costs.

The near-universal importance of snacking calls back to the “lipstick effect,” in which beauty companies like Sephora benefit from people splurging on smaller pleasures when they can’t afford big ones during periods of economic volatility.

Chocolates have been pitched as one of the many alternatives to lipsticks—and they also happen to be among Mondelez’s largest varieties of snacks that the company makes, with brands like Cadbury, Milka, and Toblerone.

The U.K.-based Savills’s Stephen Toal argued that chocolate could be the new “lipstick,” while Deloitte suggested bourbon (the whiskey) was a better alternative. The takeaway? People eat and drink their inflation-linked sorrows away, and this time, they’re turning to snacks.

Mondelez reported in January that its net revenue grew by 14.4% in 2023. However, its volume/mix was positive, pointing to how people were actively choosing its brand despite price hikes, a Mondelez representative told Fortune.

“We've seen it historically—if you go back to prior disruptions, economic recessions, et cetera, there is a bit of a ‘lipstick effect’ on things like chocolate and cookies in particular, where people use that as a way to access affordably, accessibly a bit of indulgence, a bit of pleasure when they can't necessarily afford other things,” Graham said.