The boss of cosmetics giant L’Oreal has said it has not experienced shoppers holding back on purchasing beauty products due to rising inflation.
So far, the firm had seen “no impact of inflation and price impacts on consumers’ beauty consumption,” L’Oreal CEO Nicolas Hieronimus said.
His comments were made to the Reuters news agency at the World Economic Forum in Davos, Switzerland.
Lipstick sales shot up amid the recession at the start of the century, as women would opt for affordable treats instead of expensive luxuries.
Estée Lauder chairman Leonard Lauder dubbed this indication of consumer spending behaviour as the “lipstick index.”
It comes as British women have been buying and wearing makeup products with less frequency since the pandemic, according to recent analysis by market research company Kantar.
A survey of some 10,000 women found that purchases and cosmetics wear had fallen sharply since 2020, by almost one third.