New Evidence that the “Lipstick Effect” Is at Work in This Recession

New Unity Marketing study of the luxury market finds that six out of the top ten fastest growing luxury products in 2008 are beauty products.

Stevens, PA  August 12, 2009 – There is powerful new evidence of the ‘lipstick effect’ found in the latest research into the luxury market conducted by Unity Marketing.  The ‘lipstick effect,’ a concept popularized by Leonard Lauder, chairman of Estee Lauder, states that during times of economic uncertainty, women will splurge on affordable luxuries such as lipstick as a substitute for more expensive items like clothing and jewelry.

With the ‘lipstick effect’ in full force throughout 2008, six of the top ten fastest growing luxuries purchased by affluent consumers for their personal use and enjoyment were in the beauty products space, as measured by the average amount spent on their purchases. That includes the fastest growing product of all:  face care, cleansers, toners and moisturizers, which posted growth of 34 percent in the share of affluent consumer’s average spending from 2007 to 2008.   To learn more click this link to download the list of the personal luxury market’s biggest winners and losers.

I always find Pam Danzinger’s market studies useful and insightful.  Here is what I take away from this post:

• Find or create your “lipstick” for your business – whether it is a powder room makeover or a restyling job with new accessories for a client, even the smallest luxuries can make a huge impact.
• Once you open the door and build trust with your new client, other possibilities for larger jobs will appear when it is time.
• Use this idea to create a promotion for your business and have a reason to talk to the media about an article.  If you have photography of projects that support the “lipstick” idea, you might just create a surge in your business…worth a try, isn’t it?

Be sure to post your comments…I’d love to hear about your latest shade of lipstick!

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