In a feature in yesterday's Sunday Tribune, journalist Christine Bohan reported on current fears on economic downturn, and what it means to the Y Generation - those who remember nothing before Celtic Tiger boomtime. Tax rebates in the US, credit crunch crisis in the UK, and our own housing market are causing a lot of speculation about whether things are just about to go horribly wrong. So are we really heading back to the bad auld days of the 1980s? Christine asked me what I thought for the article, from the point of view of people splashing the cash on beauty purchases.
My take is essentially that it's too soon to tell. I'm still seeing massive crowds in BTs on a Saturday, and the recent expansion of Clerys beauty hall and the forthcoming Arnotts redevelopment all point to a healthy future for our cosmetic purchases. Boots are expanding into affordable luxury lines like Nuxe, and House of Fraser recently added a new skincare service. I also feel that the lipstick indicator - a trend that sees sales of lipstick rise in down-turning economies - is a good mark. Branded beauty products are still an affordable way to purchase something designer, without the massive outlay a bag or shoes would incur. And if you're having a broke month, you can part with the relatively sin-free amount of €20 for a new lippy, and still get that retail therapy buzz.
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But that's just my take on it - what do you gals reckon? If credit comes to crunch, will you be significantly scaling back on treatments, therapies and products?
