When All Else Fails…Lipstick!
Staffers at our new practice in Edgecliff were talking with patients recently about their must-have lists for the holidays. Many plan to cut back on their Christmas spending a bit due to the uncertainty of the economy here and overseas. What they aren’t willing to cut back on is cosmetic enhancement.
We looked into this phenomenon and share our illuminating findings in this article.
The Lipstick Effect – Then & Now
Last year, news.com.au looked at the relationship between beer, ties, lipstick, and the financial landscape. They concluded:
“If the economy is heading south, then you can expect ladies to start buying more lipstick and wear less revealing clothes, or so the theories go.”
In the 1930’s, during America’s “Great Depression” when millions of people were out of work and unable to put food on the table, something unexpected happened: sales of luxury beauty products went up. The phenomenon came to be known as “the lipstick effect”. It was clear that women were investing in expensive lipsticks rather than other luxury items, but why? Today, a series of psychology experiments has confirmed that
“Women often cheer themselves up during tough times by ‘pampering’ with a treat, and one of the cheapest ways remains buying lipstick. Applying it, smiling at the mirror, sends women away into a harsher world with a spring in their step.”
This phenomenon is still with us today. Leonard Lauder, chairman of Estee Lauder, coined the term “the lipstick index” during the recession of the early 2000s when his company’s sales figures outperformed other industries. Then in 2008, the global economy suffered another record decline in sales, but not L’Oreal. The cosmetics giant actually experienced sales growth at a rate of 5.3%, driven in part by lipstick sales.
Is Beauty Really a Luxury?
Because appearance is often critical for professional women, expenditures on beauty products can be seen as necessities rather than luxuries. With an eye on their success and their bottom line, professional women are embracing effective, but less expensive, options in cosmetic enhancement including
Boom or Bust: Look Your Best
At our Edgecliff practice, we’re dedicated to helping our patients achieve a one-of-a-kind personal best. If you’d like to know about our many affordable options for cosmetic enhancement, please use our online enquiry form or call our practice on 1300 555 095.