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

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

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effect’, the theory that in economic uncertainty consumers swap big ticket items for small indulgences, appears no longer applicable to British consumers.

Despite Brexit causing financial turbulence, low consumer confidence and . . .

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