Just about every one I know has been affected by our down-turning economy. With gas prices rising, unemployment and homeless rates skyrocketing it becomes a little harder to justify spending half a paycheck on a pair of shoes.
One unique caveat of the beauty and cosmetics industry is that they are able to anchor in customers who would normally never be able to afford the brand. A taste of luxury is offered in relatively affordable perfumes and fragrances. For example, items of Christian Dior clothing/accessories that I own: 0; number of Christian Dior Diorshow Mascara that I’ve gone through: countless.
Historically, when the rest of the economy was hit, the beauty and cosmetics industries stayed fiscally strong for that reason, but it seems like this time around, we are not immune to the turn of events.
Molly Prior of WWD writes, “In gloomy periods gone by, shoppers continued to seek out little luxuries: a lipstick instead of a designer handbag, or a fragrance in lieu of a gown. This time around, practicality has set in, as consumers begrudgingly absorb the ballooning costs of energy and food prices.”
Personally, I have cut back on a lot to save money. I will rarely treat myself to a manicure of pedicure, and am trying to make my hair cut and highlights stretch. I am also becoming more skeptical about buying the next hottest thing that I read about in Allure magazine, waiting until there is an actual buzz “in the streets” rather than by people who may be profiting off of it.
Have you recently changed your beauty spending habits? In what ways, if not, why not?