When the going gets tough, its time to buy lipstick
I’m sure you’ve all read the ‘upsurge in sales for shoe repairers’ stories in the news suggesting that some sectors of the economy actually benefit from a downturn, in this case as people get their shoes repaired rather than splashing out on a new pair.
There was also an interesting piece in the New York Times as long ago as May of this year hypothesising that lipstick sales are a way to gauge the state of the economy, with the chairman of Estee Lauder commenting ‘When it’s shaky, sales increase as women boost their mood with inexpensive lipstick purchases instead of $500 slingbacks’.
I think you could add rising sales of other consumer goods as economic indicators too. Like ties – men might not be able to afford a new suit, but can still stretch to a new tie. Or an rise in cushion and throw sales set against falling sofa purchases.
So I suppose you’d better tell your New Business team to go after cosmetics, soft furnishings and erm, tie brands then.