Today the global beauty industry is a $532 billion business. The U.S. currently is the world’s largest beauty market, with about 20% share, followed by China (13%) and Japan (8%). While projections for growth vary, most agree it will continue to advance at a 5%-to-7% compound-annual-growth-rate to reach or exceed $800 billion by 2025.Even if the world […]
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RSS feed for this sectionLuxury Beauty: Does the ‘Lipstick Effect’ Still Hold Today?
Back in 1999, former Harvard University Professor, and now Professor Boston University, Juliet Shor introduced the ‘lipstick effect’ theory in her book entitled The Over Spent American (1999). Her thesis: Consumers will buy higher-priced, more prestigious lipsticks, specifically Chanel, that are used in public, vs. lower-priced, less prestigious brands that are used in privacy of the […]