Singaporeans sure do enjoy their beauty products, even during a recession. According to a survey, seven in 10 people there will continue to indulge their beauty addiction by purchasing products and services, despite the threat of job losses and a severe economic recession. Half of those polled said they spent at least $33 each month on beauty products, and a third said they’d curb their spending on other lifestyle choices, but not beauty. “I don’t think any of us has ever really appreciated how important looking good is to Singaporeans,” said BeautyAsia 2009′s organizer. “For the majority, it is a ‘must-have’ rather than a luxury.” This poll gives weight to the “lipstick factor,” a theory that suggests consumers purchase small luxuries while otherwise tightening their belts in an economic downturn. Like the Singaporeans, I don’t plan to stop spending on beauty products or services, but I’m jealous that they only spend an average of $33 per month on products. I tend to shell out $53 just on getting my nails and toes done each month. What do you think about the “lipstick factor”? Do you plan to spend less, more, or the same on beauty products and services during the recession? [Reuters]
