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Recession's Lipstick Factor: Why The Beauty Market Does Best In a Downturn

by Tanya Thomas on  November 12, 2009 at 9:43 AM Lifestyle News   - G J E 4
 Recession's Lipstick Factor: Why The Beauty Market Does Best In a Downturn
The beauty market seems to have weathered the recession well, but it's UK's cosmetics industry that remains the most unfazed by the global economic crisis.
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According to a research by Mintel, cosmetics market has experienced a 7.4 per cent rise to 1,200 million pounds between 2007 and 2008.

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While, face and body skincare increased 6.7 per cent to 1,000 million pounds, women's perfume rose 4.6 per cent to 667 million pounds over the same period.

The experts claim that the phenomenon, dubbed the Lipstick factor, is a repeat of that seen during the Great Depression of the 1930s when tougher competition for jobs made women eager to look their best.

Selfridges director Anne Pitcher said that women particularly favour bright red shades during periods of economic hardship because it brings them more confidence.

"Anecdotal evidence shows that lipsticks are up for the first time in years," the Telegraph quoted her as telling Daily Mail.

"Red is especially popular, as Scarlet Johansson and Monica Bellucci promote the classic Hollywood make-up look," she added.

Moreover, rather than using cheaper product, women are treating themselves to top quality brands.

"A 25 to 34-year-old woman in the UK is carrying #71 worth of make-up in her handbag and there is no sign of her giving this up in the downturn," said George Wallace, chief executive of shopping consultants MHE Retail.

"If anything she is buying more to cheer herself up," Wallace added.

Source: ANI
TAN
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