I have a confession: I’ve never turned down a good lippie, like ever. Even during tough financial times, I turn to my lipstick for comfort, keeping it as a staple in my bag for years. Turns out, it's the same for many others. In times of economic crisis, the average consumer tends to downsize on many items. You may limit the types of clothing you buy, the snacks you eat, or even nights out filled with fun. However, there is one item that stays consistent through it all: the lipstick.
I mean, let’s be honest, there have been multiple times where, despite having barely any money in my bank account, I find my way over to the closest beauty store perusing through the aisles looking for my next best product. Little did I know, this desire could be explained by a phenomenon called the Lipstick Index.
What is the Lipstick Index?
It states that, within times of economic downturn, lipstick and overall beauty sales still rise as people look to buy an “affordable luxury.” When everything around us starts to look bleak, beauty products are a way to ground us and bring a sense of splendor into our lives. But, where did this phenomenon even originate from?
Estee Lauder’s Discovery
Traveling all the way back to 2001, the term was first coined by Estee Lauder chairman, Leonard Lauder, during the aftermath of 9/11. He noticed that consumers still tended to buy lipstick even though the economic landscape was dreary. Although it is not a proven economic theory, it’s still a phenomenon filled with patterns. Let’s take a look at some recent years to analyze that pattern even further.
Lipstick Staying Strong During the COVID-19 Pandemic
During the COVID-19 pandemic, after mask mandates were lifted, sales of lipstick increased over 80% in 2021 compared to the year before. Consumers jumped at the idea of buying lipstick once they were able to, despite still being in a pandemic.
Cosmetic Purchases Rise During Great Recession
Let’s go back again to the Great Recession from 2007-2009, and look at cosmetics purchases of women ages 18-40 (unmarried and married).
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Married women: purchases increased 9.8%
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2007 purchases increased from $139 to $152 in 2009
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Unmarried women: purchases increased 2.8% increased 2.8% and 9.8%
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2007 purchases increased from $161 to $172
The Pandemic Changing the Landscape of Lip Launches
If you’re a big fan of the beauty industry, you know just how much brands love to grace us with new lip launches. An interesting take to look into is that, during 2020, although society was still heavy into the pandemic, many major brands were launching a multitude of lip products, but to be more specific, skincare-backed treatments. From Chanel, to Too Faced, to Haus Labs, many brands were joining in on the trend. Skincare-focused lip products could be used as a skincare item meant to heal and nourish, perfect for those staying indoors during lockdown.
SOSHE’s Response to a Changing Consumer
With skincare-focused lip products in mind, SOSHE also happens to have a couple that work well in various situations to fulfill the needs of consumers during a pandemic and beyond. Our ceramide lip silk works well to not only provide a distinct color but also an everyday moisturizing tint. Filled with ingredients such as jojoba oil, mango butter, and sesame oil, the lip silk is a perfect choice that continues to leave your lips moisturized and soft, even hours after wearing a mask and the color has rubbed away. As a user of it myself, I enjoy how well it continues to leave my lips plump and soft, even after I rub it away, having the residue work like a lip balm.
Final Thoughts
I never would have thought that a little lipstick would be my biggest comfort during a storm, serving as a way to make me feel like myself and gain a semblance of regular life back. Cosmetics are a way for people, myself included, to treat ourselves to a small luxury during harsh times. Whether it's an eyeliner, mascara, perfume, or even the ceramide lip silk, cosmetics are able to create a moment of joy and comfort for consumers, showing them that no matter what is going on in the world, they are allowed to feel beautiful both inside and out.
So What Now?
If you’re looking for your next best product that could become your staple pick-me-up, throughout all stages of life, please feel free to check out SOSHE’s collection of products! If you have any experiences or thoughts on the lipstick index please share them below.