New Evidence That The "Lipstick Effect" Is At Work In This Recession
New Unity Marketing Study Of The Luxury Market Finds That Six Out Of The Top Ten Fastest Growing Luxury Products In 2008 Are Beauty Products
Stevens, PA August 12, 2009 -- There is powerful new evidence of the 'lipstick effect' found in the latest research into the luxury market conducted by Unity Marketing. The 'lipstick effect,' a concept popularized by Leonard Lauder, chairman of Estee Lauder, states that during times of economic uncertaintny, wome will splurge on affordable luxuries such as lipstick as a substitute for more expensive items like clothing and jewelry.
With the 'lipstick effect' in full force throughout 2008, six of the top ten fastest growing luxuries purchased by affluent consumers for their personal use and enjoyment were in the beauty products space, as measured by the average amount spent on their purchases. That includes the fastest growing product of all: face care, cleansers, toners and moisturizers, which posted growth of 34 percent in the share of affluent consumer's average spending from 2007 to 2008.
New "Just the Facts, Ma'am" Report on the Luxury Market for Fragranes, Cosmetics and Beauty Products Published
These are among the important highlights of the luxury beauty products market detailed in a new report from Unity Marketing, entitled Luxury Beauty Snapshot Report 2009. This succinct trend report gives the busy marketer "just the facts, ma'am" in order to help them assess opportunities and shifts in what beauty products affluent consumers are buying, how much they are spending overall and on a product level, and trends in where they are making their purchases.
It includes details, facts and figures taken from Unity Marketing's Luxury Report 2009: The Ultimate Guide to the Luxury Consumer Market, which is based upon quarterly surveys among 1,000-1,200 affluent consumers (incomes $100,000 and above) conducted throughout 2007 and 2008.
Contained in this new concise snapshot report are these essential facts and figures that can give direction to luxury marketers' business and strategic plans.
- What beauty products are of most of interest to affluent consumers and how these items are trending year-over-year both in terms of purchase incidence and spending.
- Which demographic segments of affluent consumers are increasing their spending, and which are still cutting back on luxury beauty product purchases.
- Which retailers are the hot destinations for beauty products shopping, and which are still struggling to get into the game.
- Which of the more than 30 beauty brands included in the survey resonate most strongly with the affluent consumer, especially among the ultra-affluent segment (HHI $250,000) who are the most loyal customers for the leading luxury brands.
- What marketing messages affluent consumers find most attractive in the beauty sector.
"This report is written specifically for marketers that want the most up-to-date and salient facts to help them understand the trends in the current market and ways they can address their challenges. Unlike Unity Marketing's in-depth market research reports, this snapshot report gives the marketer the most important consumer data that will bring dimension to business planning. It doesn't overwhelm the busy executive with a lot of excess baggage they don't need, but presents them with the facts and figures to support decisions," explains Pam Danziger, president of Unity Marketing and author of Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience.
For media: Danziger available for interviews. Charts, tables and graphs detailing major findings in the report also available.
New Snapshot Reports Published in other Luxury Product Categories
In addition to the snapshot report on beauty, Unity Marketing has just released a collection of short, but sweet report with key facts and figures on the following sectors in the luxury market. Each of these succinct trend reports presents the busy marketer with "just the facts, ma'am" in order to help them assess opportunities and shifts in the luxury market for their products:
- Luxury Automobiles
- Luxury Clothing & Apparel
- Luxury Fashion Accessories
- Luxury Jewelry
- Luxury Watches
- Luxury Wine & Spirits
Data contained in each report is compiled from facts and figures in Unity Marketing's Luxury Report 2009: The Ultimate Guide to the Luxury Consumer Market, which is based upon quarterly surveys among 1,000-1,200 affluent consumers (incomes $100,000 and above) conducted throughout 2007 and 2008