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Jargon Buster
Here we look at words and concepts that have recently been in the news and suggest ways in which they can be used in your classes.
The Lipstick index
What is it?
A term coined by Leonard Lauder, chairman of Estee Lauder, the Lipstick Index is an indication of the current state of an economy. It is based on the theory that when consumers face an uncertain and possibly threatening financial future they turn to inexpensive indulgences. Estee Lauder has noticed that during economic downturns sales of lipsticks go up, while other, more expensive beauty products or accessories experience a downturn.
Why is the term in the news?
According to a recent BBC news article, it appears that companies selling cheap- and mid-range articles are doing better than those selling high-end products. This is being put down to the Lipstick Index.
How can I use it in class?
The term can be used to discuss students' own buying behaviour during potential economic slowdowns. Points to ask students can include:
- When you start hearing that the economy is slowing down, do you continue to spend money in the same way as before?
- Are there certain products you regularly buy and that you continue to buy even when there may be financial pressure? Do you start buying cheaper brands? Or do you stop buying certain items completely?
- What about other expenditures such as holidays or memberships of organisations (e.g. health clubs) - do you delay or cancel those?
- What makes you revert to your previous buying habits? Is it what the press says or something else?
Bookmark with:
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Links
Spotting a recession: The lipstick index
This is money
What's essential, what's luxury?
CNN
Comments
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