How Covid Upended the Lipstick Index With A Self Care Revolution
The economy is in pretty bad shape which means the lipstick index should be going up but in 2020 COVID upended the Lipstick Index and started a self-care revolution. Makeup sales plunged and what came out of it?
A rally of skincare! Skincare sales were up 24% last year alone and are sure to go up even further as more and more people stay home and ditch their makeup bags. I haven’t quite reached the stage I’m ditching my makeup bag just yet. This morning I woke up, hopped on my treadmill for 45 minutes, hit the shower, and yes, sat down, and put on my makeup even though it’s a massive snow storm out and I’m working from home I still wanted to look pretty. Hopefully I’m helping the lipstick index to inch up a little.
In all seriousness, last year was a discovery of self-care in particular skincare has become an important part of everyone’s routine and I’m here for that as a long time skincare junkie! I love that younger girls are learning how to take care of their skin better! I love they aren’t relying on foundation to hide problems but instead looking to skincare to fix them! The fact of the matter is with so many people staying home makeup has become something we aren’t concerned with at the moment! It’s not like we’re seeing anyone so makeup isn’t necessary! Not to mention when we do see people we have to wear a mask but wearing lipgloss or lipstick under a mask is messy AF! I was convinced we’d see some increase in eyeshadow sales but it never happened in 2020 and I’m not sure it will this year either!
Allegedly sales in makeup were down nearly 40% last year because woman (and men) are wearing less makeup. I think lock down definitely contributed to this but also, the beauty bubble was breaking down already prior to the pandemic and COVID as we slowly realized we don’t have to contour and highlight ourselves to death to look great.
GME stock is rallying like the champion in an epic sci-fi adventure movie but will makeup rally as well? I doubt it. I think the world of makeup climbed too high, too fast and it caused a downfall. The market is saturated to a point we need a purge in order to regain interest and sales. I just worry that purge means more brands will be filing Chapter 11.
Which brands will go and which will stay?
Who has sustainability in this war?
What do you think?
Is makeup over?