In times of economic crisis, sales of cosmetics often rocket. The Lipstick Index, as it’s known, was a phrase coined by Leonard Lauder, chairman of the board at Estee Lauder, in the early noughties when it became clear in times of economic crisis, sales of color cosmetics – in particular lipstick – soar as an affordable way to treat yourself.
But not during the pandemic.
Last year, sales of cosmetics plummeted. With bustling make-up counters in department stores closed for much of 2020, sales of designer brand cosmetics were down by more than 40% according to market research firm NPD, which equates to a loss of £500 million (around $689 million and AU$902 million).
Meanwhile, sales of more affordable cosmetics in supermarkets fell by 22% in the UK, according to the Top Products survey from retail trade magazine, The Grocer, adding a further £183 million loss (around $256 million / AU$218 million).
A combination of the rise of working from home and mandatory masks meant thousands of us, including this writer, ditched our make-up bags altogether. So how can the beauty…
