Posted 12/31/2023, 12:00:00 PM
Luxury Lipstick Sales Shine Despite Economic Gloom
- The "Lipstick Index" theory says lipstick sales increase during economic downturns as people buy little luxuries.
- Other unscientific economic indicators include the "Underwear Index" and Philadelphia Phillies' World Series success.
- Luxury beauty sales grew faster than mass brands in 2022 amid high inflation, with lip color the fastest growing segment.
- The luxury market overall outperformed other retail sectors this year.
- Consumers are still spending on luxuries despite economic uncertainty, just shifting what types, a phenomenon called the "Bourbon Barometer".