Hard Times, But Your Lips Look Great
Last month, Betsy Stein made a beeline for Bloomingdale’s to buy a shirt, but the top she found was $280. Stein, told herself that in the current economic climate, she shouldn’t charge it.
“With the scare of the downturn,” she said, “I decided to cut back on my shopaholic problem and exercise some restraint.”
But the next day at Sephora, she made a substitute purchase. “I could buy one or two lipsticks for about $40,” she said. “That’s far less than $280.”
Ms. Stein’s rationale for buying lipstick echoes a theory once proposed by Leonard Lauder, the chairman of Estée Lauder Companies.
After the terrorist attacks of 2001 deflated the economy, Mr. Lauder noticed that his company was selling more lipstick than usual. He hypothesized that lipstick purchases are a way to gauge the economy. When it’s shaky, he said, sales increase as women boost their mood with inexpensive lipstick purchases instead of $500 slingbacks.
With the specter of another recession, brands like Clinique and DuWop Cosmetics are preparing for a big year in lip color, for two reasons.
First, they would like to see a return to lipstick, which usually costs slightly more than gloss. Second, the companies believe that in down times women will continue to splurge on lip lacquer even as they make do with last season’s dress.
Photo by MSDesigns.
Angela on May 6th, 2008 9:11 pm
That’s an interesting theory. It also makes me think, “Why lipstick?” I wonder if their are any other low-cost splurges that go up in sales when money is tight for everyone. Although I wouldn’t call $40 for one or two lipsticks low-cost.
Dana Keith on May 7th, 2008 11:45 pm
That bothers me much, but as were I’m standing, a certain lady doesn’t really go shop for what she really want, she just need to have even at least one item from a shop..
Ben on May 9th, 2008 4:45 am
I’m not sure about this theory. I would also have to pose Angela’s question of “why lipstick?”. I’m sure it’s probably true that low cost alternatives dosee sales increase during times of economic trouble but if lip gloss is more popular anyway and its cheaper, why would people start buying lipstick?
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