Read my lips

Does the lipstick effect exist? And what does it tell us about where the economy is headed?

Recessions mean that televisions stay on shelves and golf clubs remain on racks. But, according to popular thought, lipstick bucks the trend. People buy small, affordable indulgences to feel better when the purse strings are tight. If you can’t afford a beautiful new Chanel suit, you settle for one of their lippies. Or so the theory goes. 

Leonard Lauder…