Recent studies reveal that spending on health and beauty products has increased in our society. Consumers have reportedly been buying more beauty products despite the economic crisis, owing to more personal satisfaction. This is called “The Lipstick Index”; it was a term derived in the 2000s when sales of beauty and health products increased amid the recession.

This raises questions and factors about consumers’ increased beauty product purchases. Some suggest that social media contributes to beauty standards and trends today. In contrast, others may have stable or increased incomes despite the economic situation. Moreover, some may practice “self-love”, an increasingly popular concept nowadays.

To seek opinions on this, Real Research, an online survey app, launched a survey on makeup and beauty spending on the rise despite inflation. The survey mainly focuses on the possible causes of “The Lipstick Index.”

Highlights:

  • 7.65% splurge over $50 on health, beauty & wellness products/services
  • Accumulatively, 33.64% of respondents spending trends remain unaffected
  • 59.89% of respondents’ cosmetic consumption trends increased by $10 or less despite inflation.

Makeup and Beauty Spending Amid Rising Global Inflation

The survey started by asking if respondents were aware of the surging inflation rates globally. The survey responses revealed that 91.87% were aware, whereas only 8.13% were unaware.

Respondents-on-The-Lipstick-Index
Figure 1: Respondents’ on The Lipstick Index

The phenomenon of gaining psychological satisfaction via makeup and spending, even during economic turmoil and inflation, is called “The Lipstick Effect/Index’’. The survey responses revealed that 69.77% had heard about this phenomenon, and 17.29% were aware. Meanwhile, 12.94% were not aware of it.

Similarly, the survey asked respondents about spending on health, beauty & wellness products and services. 53.8% of respondents spent around $10 or less, whereas 14.87% spent $10 to $15. A further 8.33% pay $15 to $25, and 8% disburse $25 to $30. Finally, a 7.65% splurge for over $50.

Also Read: Over 50% Think Estée Lauder Is Acquiring Tom Ford for Its Brand Power

Respondents on Monthly Expenditures on Health and Beauty Products

The Makeup and Beauty Spending survey asked respondents which health and beauty products or services they mostly spend on in a month. Respondents chose; Makeup (50.74%), skincare (16.89%), and haircare (13.64%). Other monthly expenses include body care (11.74%), and beauty services in salons (4.87%).

Respondents-spending-on-health-and-beauty-products
Figure 2: Respondents spending on health and beauty products

Accordingly, when the survey asked if the respondents’ spending had increased in recent months, 53.52% said ‘yes, considerably’. A further 22.77% also concurred, saying ‘yes slightly’. Whereas 12.64% said ‘not at all’, and 11% said ‘no, it is about the same’.

Read Also: 64.78% Have Heard of L’Oréal Products and the Brand

The Public’s Verdict on Makeup and Beauty Spending

The Makeup and Beauty Spending survey asked how much cosmetic consumption and spending on health, beauty, and wellness products/services increased despite inflation. 59.89% of respondents revealed that spending increased by $10 or less. Also, 20% spent $10 to $20, and 8.33% replied $20 to $30. On the other hand, 5.69% spend more than $50, 3.33% use $30 to $40, and 2.71% disburse $40 to $ 50.

Read Also: 46% Will Buy Beauty Products Endorsed by Celebrities or Influencers – Survey Results

Respondents-verdict-on-reasons-why-spending-has-increased
Figure 3: Respondents’ verdict on reasons why spending has increased

The Makeup and Beauty Spending survey asked respondents why they feel there is an increase in cosmetics consumption trends and spending on health and beauty products despite economic turmoils. A whopping 62.72% feel social media largely contributes to beauty standards, and 17.62% replied health, beauty, and wellness standards have evolved. Following that, 4.88% said that increase in ‘self-love’ caused increased spending. On the other hand, 4.71% believe they get vicarious satisfaction by purchasing inexpensive products.

Also Read: Interest in Beauty Trends Have Changed Since the COVID-19 Outbreak, Says Almost 56%

Methodology

 
Survey TitlePublic Opinion on Makeup and Beauty Spending On the Rise Despite Inflation
DurationAugust 18 – August 24, 2022
Number of Participants30,000
DemographicsMales and females, aged 21 to 99
Participating Countries Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia, Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.