11-Apr-2020 | Market Research Store
It is estimated that COVID-19 has disrupted less on the beauty industry as compared to other market industries.
From years of analysis, it has been concluded that even though there are huge economic crisis consumers may restrict themselves from large purchases but try and treat themselves with smaller versions such as lipstick. Well known as the “lipstick effect” can be traced back to 1930’s Great Depression. It was noted that from 1929 to 1933 the sales of the cosmetics rose even though industrial production had witnessed depression.
A similar growth chart was observed when in 1990 the US entered the recession. Even though the world’s economy was suffering for a duration of long eight months there was employment in the cosmetic sector while the employees from other sectors had to struggle for their job. It is summarized that it is not just an accidental correlation but it is proven that lipstick sales perform well even if the economy is grinding to halt.
In early March while the world was fighting with the pandemic COVID -19, MAC the major cosmetic brand launched its new lipstick product Barbie Style MAC lipstick. The lipstick is cool toned and has a bubblegum-pink color that was launched in the market as an honor to Barbie doll’s 61st birthday. Reports claim that the product has been a favorite until now. Other MAC matte lipsticks are also trending in the top list of sales.
Several MAC store shoppers had received an email notification about the Sovereign store remaining closed for two weeks with effect from Sunday, March 22. But the company had made provision for their makeup lovers by announcing an ordering system were deliveries would be facilitated along with kerbside pickup.
The research analysis in the global lipstick report by the Market Research Store showcases that the market will witness a rapid growth rate in the coming years. The analysts have concluded that any kind of economical grind would not affect the lipstick market or its sales.