Posted December. 05, 2008 04:25,
Red lipstick along with miniskirts is known to sell well in tough economic times.
The idea is that in a business downturn, women more put on color makeup and miniskirts to add sex appeal and style. They also tend to spend more on red lipstick, which brings a significant effect compared to the cost.
The Korea National Statistical Office said yesterday that sales of cosmetics and soaps rose in double digits between June and October year-on-year. In October, sales grew 14.6 percent.
This year, sales of cosmetics and soaps reached 680 billion won (406.3 million dollars) in June but soared to 743 billion won (507 million dollars) in September and 743.5 billion won in October though the economy took a sharp dive over the period.
Seong Yu-jin, head of public relations at LG Household & Health Care, said, A new brand of lipstick sold about 20,000 units for just 10 days after the release. Weve achieved record-high sales and profits this year despite the sluggish economy. Color makeup such as strong red or fancy pink colors is especially popular.