To explain consumer spending during recessions, Estee Lauder’s chairman coined a “lipstick index”. It tracks the sale of lipsticks. When the economy underperforms, sales of lipsticks shoot up because it is a small luxury that people still can afford. So when they want to treat themselves, women buy lipsticks instead of more expensive items. When the value of the lipstick index rises, it may indicate a worsening economy! Caveat — based on recent reports, this index hasn’t held up during the current pandemic.

Here’s my thinking on this topic, from an economist’s perspective as well as from a woman’s: https://prajakta.medium.com/does-beauty-ever-go-out-of-fashion-9fb9e297c6e6?sk=8d1a8308fe29abc3af2521803486510d