What is driving beauty industry growth?

In 2001, Leonard Lauder, then chairman of beauty empire Estée Lauder, noticed an unusual trend in cosmetic sales.

The US economy was down and consumers were cutting back on big-ticket purchases, but women were splurging on the small luxury of lipstick. Lauder called it the “Lipstick Index” — a theory that as parts of the economy come under pressure, people find affordable ways to treat themselves.

Fast-forward more than two decades and while many industries are struggling under tough conditions, the global beauty market is booming and consumer psychology is just one part of the puzzle.

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