Why Does the Price of Beauty Keep Rising?
Photo: Hulton Archive, Getty Images
Then RéVive knocked our socks off with their $165 Moisturizing Renewal Cream in 1997, and prices kept creeping up from there.
Now, you might think that beauty prices would drop to echo the dismal economy, but recent launches make last decade's pricey products look like deals.
Enter the $650 La Prairie facial serum, the $45 Tom Ford lipstick and the $10,000 fragrance by L'Artisan Parfumeur.
There's been a glut of super expensive beauty products on the market lately, including Dr. Perricone's Private Reserve Serum, which debuted on QVC for $475 earlier this summer with promises to deliver "extraordinary, never-before-seen results from a skin care product."
Despite its exorbitant price tag, the product is sold out on the shopping channel's website, and is currently causing a fury in London, where a very small supply will be made available in the coming weeks.
This posh beauty trend is also underscored by recent upscale lip balm launches, plus reports that pricier foundation has eclipsed lipstick as the most-purchased beauty product in recessionary times.
Looks like the beauty industry isn't viewing the economic downturn as a challenge, but rather as an unprecedented opportunity.
We have theories as to why: When people stop buying big ticket items like houses and cars, they fulfill their shopping urges with smaller, often impractical purchases.
New research shows that women are wearing less makeup across the board, whether due to a trend in natural-looking application or the fact that people who are out of work have less reason to pile on cosmetics. Perhaps, if we're buying fewer products, we're more likely to choose better or more expensive items -- sort of a quality over quantity approach.
But does anyone need perfume that costs as much as a small car?
Clearly the answer is no, but a truly fabulous $45 lipstick can be justified when you really need a pick-me-up and you're forgoing most of your other major expenses.
Tags: Crème de la Mer, CrèmeDeLaMer, Dr. Perricone Private Reserve Serum, Dr.PerriconePrivateReserveSerum, expensive cosmetics, healthy beautiful you, HealthyBeautifulYou, lartisan parfumeur, LartisanParfumeur, makeup sales, perricone MD, PerriconeMd, Tom Ford, TomFord






artsychick, 8-24-2010, 3:00PM
This is a reflection of a new economic reality- plutonomy. The rich are getting richer, therefore, status symbols need to become more expensive to remain exclusive. That exclusivity is what divides the extremely wealthy conspicuous consumer from the merely wealthy. It is the rich that power our economy with their spending- not the struggling and dwindling middle class.
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