The Lipstick Effect: A Psychological Phenomenon in Economic Downturns
The Lipstick Effect The term “lipstick effect” was coined by Leonard Lauder, chairman of Estée Lauder, during the recession of the early 2000s. Lauder noticed that during times of economic downturn, sales of cosmetics, particularly lipstick, tended to increase. This phenomenon sparked interest among economists and psychologists alike, leading to studies and theories to explain…