How the beauty industry is surviving the pandemic

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. Read more…