In times of economic troubles, it seems as if American women are turning to their makeup bags for emotional support, or at least that is whatLeonard Lauder, chairman emeritus of Este Lauder, claimed in 2001 when he coined the term “lipstick index.” To justify why lipstick sales rose and the rest of the economy sank, Lauder claimed that during economic difficulties people spend more money on affordable luxuries.
But according to a recent Times report, not only have lipstick sales been on the decline since 2007, they dropped again in 2010. But Lauder stuck by his claim, explaining:
“We have long observed the concept of small luxuries, things that can get you through hard times and good ones. And they become more important during harder times. The biggest surge in movie attendance came during the 1930s during the Depression.”
And according to Lauder, nail polish is the new recession-proof product. Sales are up 65 percent since the first half of 2008 and nail polish is quickly replacing lipstick on cosmetic counters.
Regardless of the conflicting statistics, we think Lauder was correct in his claim back in 2001. Recently, chatting with Creative Director for butterLONDON Nonie Creme, she made an interesting point about nail polish. In her opinion, nail polish is a poor woman’s luxury accessory. Instead of going out to purchase a new handbag, all you have to do is buy a new shade to coat your nails and feel brand new.
And here at Beauty High we can attest, a little pop of color is always our favorite pick-me-up.
(Economy “Lipstick Index” is Now a Nail Polish Index – Jezebel)