Credit crunch boosting the 'lipstick effect'!Byline: ANI London, Dec 23 (ANI): The recent global meltdown has seen an upswing in what is known the "lipstick effect", as sales of cosmetics are rising with more women trying to cheer themselves up by spending money in make-up rather than cars, holidays and kitchens. Economists have said that due to the financial crisis, people are steering away from making extravagant purchases like cars, holidays and kitchens and are instead spending their money on small luxuries like make-up. And the sales figures sales figures npl → cifras fpl de ventas from some of the world's big cosmetic companies - LOreal, Beiersdorf and Shiseido-reflect the theory. In the first half of the year LOreal sales were up 5.3 per cent. The theory was first identified in the Great Depression, when industrial production in the US halved halve tr.v. halved, halv·ing, halves 1. To divide (something) into two equal portions or parts. 2. To lessen or reduce by half: halved the recipe to serve two. 3. , but sales of cosmetics rose between 1929 and 1933. "The evidence shows that when budgets are squeezed people simply substitute large extravagances for small luxuries," the Telegraph quoted RAB Rab (räb), Ital. Arbe, island (1991 pop. 9,205), 40 sq mi (104 sq km) off Croatia, in the Adriatic Sea. One of the Dalmatian islands, it is a popular seaside resort. Fishing and agriculture are the main occupations. Capital analyst Dhaval Joshi as saying. In fact, during the recessions of 1990 and 2001, the number of people working in the cosmetics industry actually increased as demand for make-up rose in the US. In Japan, during the long period of stagnation Stagnation A period of little or no growth in the economy. Economic growth of less than 2-3% is considered stagnation. Sometimes used to describe low trading volume or inactive trading in securities. Notes: A good example of stagnation was the U.S. economy in the 1970s. in since 1997, there has been a 10 per cent rise in the sales of on accessories. After the 9/11 attacks on the US sales of lipstick doubled. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the theory, in a crisis or when consumer trust in the economy is low, people will buy goods that have less impact on their available funds. Thus, women dish out money on lipstick and men spend money on items like gadgets rather than new cars. (ANI) Copyright 2008 Asian News International The Asian News International (ANI) agency provides multimedia news to China and 50 bureaus in India. It covers virtually all of South Asia since its foundation and presently claims, on its official website, to be the leading South Asia-wide news agency. (ANI) - All Rights Reserved. Provided by Syndigate.info an Albawaba.com company |
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