It would be easy to assume that the rise of vegan diets and products is now inevitable. More than 700,000 people signed up to the official Veganuary campaign in 2023, more than four times as many as in 2018. Vegans used to be seen as humourless, sanctimonious and moralistic, but a new generation has changed the diet’s image, bringing a fun, vibrant, health-conscious slant to a vegan lifestyle that eschews some of the stricter elements, and appeals to young, climate-conscious consumers. Terms and trends such as “flexitarian”, “pescatarian”, “meatless Monday” and “Veganuary” have become popularised, as consumers abstain from meat in more relaxed and less all-consuming ways.

Influencers such as the broadcaster Fearne Cotton and reality TV star Lucy Watson share easy vegan recipes and lifestyle content, and impress upon their audiences that moving to a vegan diet is relatively simple, focusing less on why the diet is the right ethical choice. As a result, what once seemed extreme and out of reach for many is now far easier to absorb into an existing lifestyle.

But there are signs that veganism’s growth is tailing off. Plant-based meat companies such as Beyond Meat and Impossible Burger are suffering from declining sales. The Meatless Farm company recently ceased trading before it was rescued from administration when a competitor, VFC, acquired the brand, and vegan brands Oatly and Heck have scaled back some products.

Restaurants, including the celebrity-endorsed Neat Burger, have closed outlets, while others have changed menus to a more balanced offering of vegan and non-vegan items. Our increasingly polarised political culture is having an impact too: the last vegan restaurant to remain open in Leigh-on-Sea in Essex complained recently it had to “block 10 people a day on social media” who had been angrily messaging about its plant-based menu. At a time of increasing consciousness about animal rights and the effects of the climate crisis, why is veganism taking a hit?

It’s true that the diet’s rising popularity has engendered a backlash – for some veganism has become a dirty word. Rightwing culture warriors see eating meat as proof of masculinity, while veganism is characterised as feminine and for “soy boys”. For the rightwing media, veganism is now synonymous with “wokery”.

But I think the real reason for falling sales is simpler: it’s the economy. The modern vegan – forced to endure the cost of living crisis and food inflation that is at an all-time high – is cash-strapped and time poor. Cooking Instagram-inspired dishes such as tofu veggie scramble for breakfast, or jackfruit tacos for dinner, is a time-consuming process. And British working hours are some of the longest in Europe, leaving less time to make a meal from scratch at home with ingredients that may be harder to come by. Plant-based convenience products such as meat-free burgers and ready meals have helped ease many consumers into a vegan routine. But this choice can still feel like a luxury when products are priced significantly higher than their meat equivalents. For some, vegan alternatives are just simply too expensive.

The current economic situation is also reflected in the public’s sense of wellbeing: census data shows that just 24.2% of UK adults feel they have very high levels of satisfaction in their lives, while only 30.5% consider themselves happy. This inevitably has a knock-on effect for what people want to eat. Food and sadness are old friends: emotional eating to soothe the soul often means comfort food that is pleasurable, meaning high levels of fat, sugar and salt – not typical characteristics of a vegan meal.

Veganism has come a long way. It has shed its holier-than-thou aesthetic, now has a broader base of adherents and is seen as trendy and aspirational. What was once considered to be an all-consuming lifestyle is now less rigid; and people can participate on their own terms with products that extend the traditional vegan boundaries beyond vegetables and pulses. But there is a remaining barrier that is yet to be overcome: cost. Until production costs drop, or Britain’s bleak economic outlook brightens, it is likely the vegan revolution will continue to stall.

• Dr Jennifer Yule is a lecturer in marketing at the University of Edinburgh Business School, who researches consumer behaviour in the health and wellbeing domain