//How the beauty industry is surviving the pandemic

How the beauty industry is surviving the pandemic

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Lipstick sales are way down, but fancy skin care gadgets are actually on the rise.

Leonard Lauder, the current chairman emeritus of the Estée Lauder Companies, noticed that people were buying a lot of lipstick during the economic downturn of the early 2000s. He coined the term “lipstick index,” hypothesizing that consumers were willing to spend $30 on a small indulgence during a recession rather than shell out for a bigger-ticket luxury item like expensive shoes or a handbag.

That specific theory doesn’t really hold up during a pandemic in which the best way to prevent the spread of a deadly disease is by wearing a mask over the lower half of your face. Lipstick sales have tanked in the last six months, according to NPD Group beauty adviser Larissa Jensen, as the dual public health and economic crises brought on