You may be familiar with “the lipstick effect”-it’s the concept that even in times of great recession, even during the Great Depression, we may not be able to buy diamonds or dine out, but we will never stop wearing our favorite lipstick or styling our hair.
Does that mean that the beauty industry will be the first to come out of the recession? According to The Professional Beauty Association, the answer is most definitely ‘yes.’ Anticipated to grow to $59 billion next year, beauty retail is expected to be significantly up from its levels just before the recession ($43 billion in 2006).
When times are bad, we may adapt our beauty and style habits to smaller indulgences (perhaps stretching out time between salon visits and buying drugstore vs. department store products). I mean, seriously, wouldn’t you rather attend movies and restaurants a little less often and not have roots?
We, as women, will always stick to our beloved beauty brands and habits, and as a result, a recent survey says we’ll boost beauty companies out of recession in no time. In fact, department store beauty sales increased by four percent just last year, according to research firm NPD Group.
Stay tough, ladies: At times, things may seem so bad that that annual vacation is out of reach, but at any rate, you can always buy lipstick!
Find a Doctor
Find a NewBeauty "Top Beauty Doctor" Near you