The Economics of Nail Polish

Before I start posting my nail polish entries, allow me to share with you a few articles which got me thinking about why nail polish is so popular today:

http://lifestyle.inquirer.net/45243/nail-polish-is-the-new-lipstick
http://business.time.com/2011/09/14/what-lipstick-tells-us-about-the-economy/
http://www.voanews.com/content/nail-polish-business-booms-in-weak-economy/1120977.html

In summary, it is only logical that people tend to spend and consume less during times of economic turmoil. When the going gets tough, adjustments have to be made. But what’s interesting is that even in hard times, sales for simple luxuries like cosmetics continue to increase, perhaps because people try to escape from the bitterness of reality, or to reward themselves for pulling through. Or perhaps, as their remaining means of expressing taste and fashion without the commitment required by expensive shoes and bags.

This trend is nothing new. In early 2000, a concept coined as the “lipstick index” by Leonard Lauder (chairman emeritus of Estée Lauder) emerged, based on the observation that lipstick sales increased when the economy was down. And with the coming of the 2008 financial crisis, it was much the same except this time, nail polish is the new lipstick.

While others may not subscribe to this idea, I personally do buy a lot more nail polish than lipstick. For one, lipstick colors are not as diverse as nail polish, and in the occasions that they are, they run the risk of clashing or catching too much attention that one may want. I also get the feeling that nail polish is much cheaper than lipstick (of course brands make a difference), and allows me to be more adventurous and playful without too much of a commitment. Lastly, I also feel more comfortable experimenting with nail polish rather than lipstick, probably because I’ve always felt that lipsticks make my lips bigger and unnatural. So I usually just stick to glosses or balms that keep my dry chapped lips at bay.

Of course, all this rambling is mostly just an attempt to give context to my new obsession, and perhaps to share some insight on why so many girls are now hooked with the craze. I’m just glad that today, so many nail polish brands have become accessible to Philippine consumers. Not only are nail spas more prolific, it’s also so easy to buy from the numerous retail stores in the Metro, and more importantly, online.

So if you ever come across parents, or boyfriends, or husbands who ask you about your own nail polish obsession, feel free to get scientific with your explanation—blame it on the economics of nail polish!

Thanks for reading!