Beauty must harness the same fighting spirit as in 2008, albeit with a digital state of mind
Illustration by Charlotte Alldis
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.
This is a small extract of the full article which is available ONLY to premium content subscribers. Subscribers sign-in (top right) to read the article.
Subscribe now to premium content on Cosmetics Business