Sonia SO, Hong Kong, Editor in Chief, Bon Bon LifeStyle Webazine
Prediction is that there will be a significant increase in the price of cosmetics, cosmetics and cosmetic products in 2020 amid the global crackdown on the pandemic.
The phenomenon is known as the “lipstick effect” and can be traced back to the Great Depression of the 1930s. That year, data showed that consumers shied away from significant purchases in the face of an economic crisis and treated small luxury items like their lipstick. Nevertheless, sales of cosmetics rose, and industrial production in the United States rose in 1929.
GDP fell to its lowest level in 27 years, and the country’s auto sales were negative for the first 28 years in a row. Chinese consumers turned away from essential extravagance and small indulgences and turned to high-end luxury goods such as cosmetics and luxury cars.
In some experiments, psychologists found that the lipstick effect was not triggered explicitly by the economic downturn, but applied to all women regardless of their financial situation.
Since resources, at least in the past, tended to be controlled by men, it is argued, economic recessions should encourage women to target wealthy partners as a means of financial support. The theory is that this lipstick-selling boom is down to the economy of the downturn. It is merely an expression of greater financial desperation during a recession.
In other words, women who are doing well are still vulnerable to the lipstick effect, but women in a recession are still attracted to it. It is a way to look for products that are more effective at increasing attractiveness, even if such products cost more. The recession is increasing women’s desire for these products because they believe they make them more desirable to men.
In what researchers call the “lipstick effect,” women spent more on beauty products during the recession than during other periods of economic recovery.
One of the experiments conducted in the US during the recessions of 2008-2009 and 2010-2011 was to find out which beauty products women were buying during a recession. In this experiment, women were more likely to buy a beauty product during the recession than during a blooming economic situation.
Previous studies have hypothesized that women are motivated to improve their physical appearance in order to attract a partner, which could theoretically help secure their financial future.
Now, a study published in the journal Psychological Science suggests that the “lipstick effect” is responsible for women buying more beauty products throughout their careers.
While it is a sad fact that a woman’s grooming habits can affect her career, research suggests that women who wear make-up are more likely to get promotions and progress in their careers. Therefore, it makes sense for women to take steps to improve their chances of success in the future, especially during recessions.
The only problem with the “lipstick effect” is that it only looked convincing during the last recession. Lipsticks have always be overtaken many of them. There is no doubt that women are replacing lipstick in difficult economic times.
Only consumers in the UK were able to maintain their sales, while sales fell in Italy, France and Spain. Lauders noticed that women were replacing more expensive luxury items with more practical lipstick.
Lipstick effect was cited as a reason for buoyant demand in China. Lipstick sales have also linked to consumer confidence, with rising sales of the product suggesting that consumers may be increasing their costs in the face of a slowing economy.
Western markets with cash are rediscovering women as affordable fashion accessories and mood boosters. For example, lipstick could be seen as the new lipstick for the last recession.
Meanwhile, the growing popularity of other beauty products has diminished the importance of lipstick as a selling point. According to a recent report by the National Retail Federation, nail polish was the fastest-growing category in 2008 and 2009, and the nail polish sales in the US have reached double-digit growth for the first time in more than a decade.
People are frustrated by the current situation with many uncertainties and no clear roadmap from the authorities of many countries. Get a new lipstick. Look in the mirror. Believe the best is yet to come.