I came across this article in Time Magazine a couple weeks ago – it helped explain why we might gravitate towards that ‘little’ lip gloss purchase, or new bottle of nail polish even when money is tight. I like to spin these purchases as simple pleasures…those, “why not? it’s only $10!’ investments.
Well, this article sheds light on this habit and how it’s a trend of our times…
- Because: “Makeup is a cheap thrill for penny-pinched shoppers.” it’s a lot easier to justify than a pair of $150 jeans!
- “During the 2001 recession, lipstick sales soared even as the overall economy declined.”
- The term “Lipstick Index” was coined around this time by Estée Lauder chairman emeritus Leonard Lauder
- Well, according to Time: “Lipstick sales are up 14% this year. And nail polish, which more recently has become a bellwether of economic turbulence, has risen an even more disturbing 54%. “Nail polish has become the heir to lipstick in this recession,” says Lauder. “I picked up this signal from my granddaughters. All of a sudden, there was all this nail enamel in crazy colors.”
- Estée Lauder just recorded its best North American sales in a decade.