There's a theory out there, strange as it may seem, that lipstick sales rise in recessions. There is some evidence to show that this might be true - L'Oreal (OTC:LRLCF) showed rising sales, by 5%, in the 2008 recession. This has been dressed up itself into "The Lipstick Effect".
The Grocer media outlet described it as "a curious phenomenon that describes how female shoppers can display a stronger preference for buying beauty products during a recession. Typically, downturns are associated with cutting back on discretionary purchases and focusing instead on everyday staples and essentials. But for some reason, sales of some beauty products tend to buck this trend".
