When times are hard, women shoppers will forgo a big-ticket purchase - $500 slingbacks, say - and opt for small indulgence. Such is the theory put forward in the New York Times, quoting Estée Lauder chairman Leonard Lauder, who noticed a sharp rise in his company's lipstick sales in the months following September 11.
US pundits are now trying to track lipstick sales to see if there are any pointers on consumer confidence. Short skirts are also taken as evidence the economy is doing well; the longer the skirt, the worse the market.
Well it beats looking at investment flows, exchange rates and the price of imported rice.
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