Tough Times Ahead for Beauty

2009-11-20 | 07:33

Fragrance Foundation panel predicts a long recovery.

If you two years was a long time for an economic slowdown, you ain't seen nothing yet, according to panelists at yesterday's Fragrance Foundation State of the Industry luncheon.

Shackled by a 10%-and-climbing unemployment rate and dim prospects, consumers are less likely to shop the way they have in the past. For example, Wendy Liebmann, co-founder and chief executive officer of WSL Strategic Retail, said 80% of women surveyed told WSL, “I don’t want to shop for anything I don’t really need.”While only 15% agreed: “I will go back to spending as soon as I can. I miss buying things.”

What's worse, 38% have become accustomed to spending less and don’t plan to return to their free-spending ways.

Happi.com will have complete coverage of the event next week.