“It surprises many people to learn that cosmetic sales go up when the economy is down,” said Ms. Galvez, “but it doesn’t surprise me. There is so much stress and worry in the world that we naturally look for ways to cheer ourselves up. Sometimes a new lipstick or a new pair of shoes is enough to accomplish that.”
Ms. Galvez outlined strategies for achieving beauty on a shoestring budget, including ousting out-of-date makeup, never skimping on foundation and switching from all-over hair color to highlights to allow a longer time period between coloring sessions. In addition, she detailed how to achieve a spa experience without leaving the home.
“The good news is,” Ms. Galvez said, “you don’t have to spend a million to look like a million.”
l Last November, WSL Strategic Retail’s Pulse survey reported on consumers’ fears about job security, war, terrorism and the economy. Six months later, there is good news and bad news, according to the market research company. Forty-four percent of consumers remain optimistic that their households’ financial situation will improve during the coming year, the same level of optimism expressed last November, WSL executives said. But 22% fewer consumers feel their financial situation has actually improved during the past year, a significant decline from last fall, when 45% felt their financial situation had improved during the year.