It is time for the “lipstick index” to go away for good
During dire economic times, lipstick sales spike—or so goes the logic of the “lipstick index,” a shorthand to gauge consumer spending. When more extravagant luxuries seem out of reach, the index suggests, lipstick is an affordable treat.
That economic indicator hasn’t held up during the current pandemic-induced recession. Makeup sales have tanked up to 30% globally this year, according to a May report from McKinsey & Company. And lipstick in particular has suffered; according to the same report, Amazon sales of lip care and color dropped 15% from the year prior in the four weeks ending in April 11, the biggest drop of any category.
By Katie Palmer, Quartz