How to thrive in a recession, according to the brand founders that launched in the 2008 financial crash

By Sarah Parsons | Published: 15-Sep-2020
Retail Marketing

Beauty must harness the same fighting spirit as in 2008, albeit with a digital state of mind

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In 2008 – the start of the Great Recession signalled by the collapse of Lehman Brothers and Northern Rock – consumer confidence dropped, stock markets crashed and retailers shuttered doors. But the 'lipstick effect' didn't waver. Throughout the economic downturn, retail sales in the UK beauty market grew 19% between 2007 and 2012 (Mintel).

Today, the world is facing another financial crisis. In August, UK government ministers confirmed the country was in recession – as the economy fell a second quarter by 20.4%, the largest decline since quarterly records began in 1955.

At least

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  • Companies:
  • Estée Lauder Companies
  • Space NK
  • Debenhams
  • Mintel International Group
  • Walgreens
  • Walgreens Boots Alliance
  • A S Watson
  • Selfridges
  • Harrods
  • ASOS
  • John Lewis
  • Charlotte Tilbury
  • First Aid Beauty
  • Goop
  • Sunday Riley Modern Skincare
  • Morphe
  • Wizz and Co
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