Initially, the economic indicators we had and are still used are gross domestic product, consumption, investment, stability, etc. However, to add to this, other indicators are also emerging every now and then. For example, underwear can suggest where a nation’s economy stands.
If people are buying underwear, then it suggests that the economy is on rise. On the other hand, if people stop buying underwear, then, it suggests that the economy graph is going down and that people are more concerned about essentials other than what they wear inside because it doesn’t matter.
Then came the lipstick index and now, the latest index that has emerged is the perfume index.
Cosmetics Deciding Economy
Before we go any further, let me tell you how the lipstick index started.
The chairman of Estee Lauder, Leonard Lauder, during the 2001 recession coined the term “lipstick index”. He noticed that when the economic environment was dull and uncertain, women started to buy lipsticks as they were affordable and used them to treat themselves. That period saw a rise in the sales of lipsticks.
Then, a few years down the line, in the 2008 and 2009 financial crisis, a new Foundation index began as people, specifically, women preferred flawless skin over dramatic lipsticks. And now, came the perfume index.
What Is Perfume Index?
In general, makeup sales are blooming. The clean girl makeup look is trending nowadays where people are feeling confident in their own skin and use minimum makeup products and more skincare products such as moisturizer or sunscreen. The crux of the clean girl makeup look is that you want to embrace your natural self and enhance your features using minimum products.
Hence, for this, some choose lipsticks and others are turning towards perfume.
Chief Executive Officer of Coty Inc., Sue Nabi said that people are buying perfumes now and sales of fragrances have gone up in Estee Lauder, Loreal, Ulta Beauty, and other beauty brands. They have named it the “perfume index”.
Also Read: Is High Underwear Sales Equivalent To Flourishing Economy?
What Is Happening?
Unlike the old times, when people demanded celebrity perfumes, now Gen Z and millennials are demanding personalized scents that convey what they are as a person and are choosing fragrances that appeal to them.
Now people are going back to work after being stuck at home for two years. They don’t wish to follow an elaborate makeup routine. Instead, put on nice lipstick and a great perfume and call it a day.
In Europe, sales of men’s perfume rose by 21% but sales of aftershave creams were flat. With inflation being on point, people don’t want to spend money on designer bags or shoes to look good, instead, they want to invest in a good perfume that makes them smell better and confident about themselves.
Hence, this index suggests that during inflation people aren’t bothered about how they look, instead smelling good is their priority and right so because it makes a huge difference.
Image Credits: Google Image
Sources: Mint
Find the blogger: Palak Dogra
This post is tagged under: economy, economic crisis, inflation, perfumes, perfume index, finance, recession, sales
Disclaimer: We do not hold any right, copyright over any of the images used, these have been taken from Google. In case of credits or removal, the owner may kindly mail us.
Other Recommendations:
What Do Indians Have To Say For India Beating UK’s Economy To Become #5 In The World?
