Women have spoken... During a recession, we'll cut spending on:
✅ Groceries
✅ Clothing
But what about beauty products and services....?
Don't 👏 be 👏 crazy 👏 .
We're NOT leaving the house without making sure our faces and hair are snatched. That's right, we'll starve ourselves. We'll pull clothes from the back of our closets. But we will not deny ourselves beauty products or services during economically challenging times.
According to The Hustle, consumers are still spending just as much, and sometimes more, on beauty despite a looming recession. This trend - referred to as the "lipstick index" - has remained consistent throughout history dating back to the Great Depression. 💄
Some fun data:
LVMH, the luxury group that owns Sephora and other brands, reported an 11% rise in perfume and cosmetics sales in its first quarter.
Prestige beauty brands — sold in department and specialty stores — raked in nearly as much with $27B in sales and 15% YoY growth.
Read the full article linked HERE.
Come bet on beauty with us at POSHED ON THE GO™!
Dream big,
Ruth
P.S. Download the app below and start scheduling your pampering appointments wherever you are - no matter the economic outlook! Book a spray tan before your Winter vacation! Book a makeup appointment before that Fall wedding! Book your manicure just because you want one! And put the code POSHEDKC in the notes for $10 off!
Remember, every appointment you book supports this small business and the small business of your beauty professional!
