Blog Post from Personal Care Products Council
When the Going Gets Tough, the Tough Grab Their Cosmetic Case
March 24, 2008
Written by: Jill Marvin
It's no secret American wallets are a little lighter these days. Just a few days ago, the IMF announced that the world's largest economy "remains very weak, certainly close to a possible recession" http://business.timesonline.co.uk/tol/business/economics/article3596412.ece.
Couple that with ever-growing gas prices and a slumping housing market, and it's a wonder shopping malls are still open.
But do not depair. CBS News reported last month that sales at makeup counters are on the rise. And if history is any indicator, cosmetic companies should be seeing green in the coming months. During the recession of 2001, makeup sales jumped 23%, and during the recession of 1990, sales climbed 10% http://www.tampabays10.com/news/watercooler/article.aspx?storyid=74605.
Women historically have turned to their cosmetics to serve as a substitute for more expensive items like clothing, jewelry or cars. Selling for as little as 99 cents, lipstick, for example, serves as a pick-me-up that won't break the bank, but it still makes us feel good about ourselves.
So you may not have enough money to refill your family SUV this week, but at least you'll look good walking to the bus stop.
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