Does luxury make-up’s downturn signal the end of the 'lipstick effect'?

By Sarah Parsons 12-Feb-2020

Consumers are no longer turning to prestige make-up and fragrance brands for their small indulgence during an economic crisis

Image: via Clarins

Image: via Clarins

The ‘lipstick effect’, the theory that in economic uncertainty consumers swap big ticket items for small indulgences, appears no longer applicable to British consumers.

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