Lilac was named by someone gullible enough to believe what the terraformers promised—a planet of perpetual springtime. As it turned out, Lilac is more like a planet of ri shao gou shi bing (pile of sun-baked dog poop). A small crop moon, Lilac is plagued with heat and a serious lack of water. Most of the farmers wage a continual war against the elements, and what crops they do bring in are generally self-sustaining. There are some locations on Lilac where the rain falls on a regular basis and the sun nurtures the crops, not fries them. Farmers lucky enough to have land here do very well for themselves.
To add insult to injury, Lilac is located on the edge of what has now become Reaver territory. The people of Lilac fear that it's just a matter of time before they're attacked. Several of the major land-owners have joined together to contract with a private security firm to protect their property and lives in case of Reaver attack. That private security firm has its payroll delivered to one of the local banks. Just in case you're interested in making a withdrawal.
Lilac is also commonly referenced by con artists offering time-share vacation opportunities to people who are just as gullible as the person who first gave it its name; sure enough, there are a few time-share vacation spots here and there on Lilac, but most of them are not remotely worth even the 'discounted' prices that a share in them is offered for. This is assuming that the seller even has legitimate claim to the property.