No Lipstick Effect During Coronavirus
The so-called ‘Lipstick Effect’ is the theory that sales of small, affordable luxury items – such as lipstick – increase in times of economic downturn. As such the rise and falls of lipstick are an indicator to the economic health of the nation.
However, this has not been the case in the current coronavirus crisis. Perhaps, with most people in lockdown or covering their mouths with facemasks, lipstick is not such a desirable product to buy? Perhaps, too, makeup is seen as being a little too frivolous for these times? Maybe wearing makeup allows more time for more useful activities? Or perhaps wearing makeup allows people to maintain their routines and boost their mood?
If sales of lipstick are not on the increase? What alternative affordable luxuries can you offer? Skincare products, perfume, chocolates, luxury coffee, tea or alcoholic drinks – potential here for opening new markets.