Americans are splurging on beauty as they tighten their budgets elsewhere. According to market research company IRI, sales of eye, face and lip makeup has gone up across stores.
Many major retailers slashed their financial outlooks for the year after seeing shoppers pull back on many discretionary items in the latest quarter. But among the notable exceptions: beauty.
But another possible explanation for why beauty is thriving when consumers are more apprehensive about their spending is a long-held theory known as the “lipstick index,” which posits that lipstick sales rise during times of economic downturn. Now, makeup is roaring back. Americans have bought more eye, face and lip makeup — roughly 2%, 5% and 12% respectively — in a year-over-year analysis of sales across stores, according to the market research firm IRI.
“Customers are not willing to give up their beauty purchases,” Kohl’s CEO Michelle Gass recently told The Associated Press. “People need to feel good at this time with so much pressure on them.” Elsewhere, however, strong sales show Americans of all income levels participating in the uptick. At Target, beauty enjoyed sales increases in the low single digits while home goods, clothing and electronics all suffered declines. As a result, for the winter holidays, Target said it will be more cautious with its orders for discretionary merchandise but will lean on beauty as well as necessities like groceries.
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