My take on the new "Lipstick Index" for our time
The term "Lipstick Index" was first coined by Leonard Lauder, former chairman of Estée Lauder, during the 2001 recession, when he observed that lipstick sales spiked as economic conditions worsened. His theory suggested that, in times of financial distress, people—especially women—might forgo larger, luxury purchases like designer handbags or extravagant jewelry but still invest in smaller, feel-good items, such as a tube of lipstick. The reasoning behind this lies in the perception that lipstick is an affordable luxury, a small indulgence that provides a psychological boost without breaking the bank. Read more on Substack.