NEW YORK (AP) — Americans are splurging on beauty as they tighten their budgets elsewhere. According to market research company IRI, sales of eye, face and lip makeup has gone up across stores. It comes as major retailers slashed their financial outlooks for the year after seeing shoppers pull back on many discretionary items in the latest quarter. As pandemic restrictions loosen, consumers are wanting to look their best for work and summer events. But another factor driving the spike could be a phenomenon known as the “lipstick index,” a long-held theory that posits lipstick sales rise during times of economic downturn.
Americans splurge on beauty, despite pullbacks elsewhere
