As the unemployment rate went up, people allocated a larger portion of their monthly spending budgets on personal care and cosmetic products. Photo: David Wong
As the unemployment rate went up, people allocated a larger portion of their monthly spending budgets on personal care and cosmetic products. Photo: David Wong
Focus

How the ‘lipstick effect’ can create a gloss in an economic downturn in Hong Kong

Economic theory shows that alcohol, sporting goods, cheaper daily necessities, cosmetics and personal care products are resilient to recessions

As the unemployment rate went up, people allocated a larger portion of their monthly spending budgets on personal care and cosmetic products. Photo: David Wong
As the unemployment rate went up, people allocated a larger portion of their monthly spending budgets on personal care and cosmetic products. Photo: David Wong
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