Since the 2008 financial crisis, austerity has been deployed as a public policy geared towards reducing sovereign debt and restoring economic order, on the one hand, and descried as an example of punitive moralizing by political and economic elites, on the other. This article challenges the economic understanding of the concept of austerity. Some recent examples from popular culture are adduced to indicate societal dissatisfaction with the accumulation of material things, examples of what has been called ‘the new minimalism’. Contextualizing this phenomenon within a culture of intensive consumption, it is argued here that there is a history of austerity as an aversion to ostentation and excess in western tradition that runs from the Stoics through to recent pronouncements by Pope Francis and that provides a vantage point from which to question the economistic deployment of the term. When understood in this way, the austere can be seen to carry an important political meaning today and may contribute to the sorts of transformation necessary in order to reduce material demand on a societal scale. This article is part of the themed issue ‘Material demand reduction’.