Amid soaring living costs and , there is no shortage of financial experts pointing to warning signs that we are heading for a grave economic slump - but one fascinating theory is now linking the possibility of a recession with women's makeup-buying habits in a concept known as 'the lipstick effect'. The idea stems from the theory that during any kind of economic downturn, more and more women begin purchasing makeup items, like lipsticks, in a bid to reward or treat themselves without breaking the bank. Now, with on the rise, the lipstick effect seems to have taken hold yet again - with Sephora reporting record growth in 2023 in a clear indication that the beauty industry could well be benefiting from people's increasingly-restricted budgets.
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