The term “Lipstick Index” has been bandied around since Leonard Lauder coined the phrase in 2008, when he noted that consumers sought little luxuries in times of uncertainty, with lipstick sales often the beneficiary.
However, while this may have been the case in 2008, and again during the pandemic, the Lipstick Index is no longer in vogue. While overall launch numbers have rebounded since the Pandemic was nominally over in 2022, growing 7%, lipstick/gloss launches were outpaced by blushers (+66%) and fluid foundations/illuminators (+27%).
Industry commentators have also noted that consumers are currently looking for larger indulgences that key into a desire for lasting quality and a sense of differentiation, and some colour cosmetics categories are suffering as a result. The recent pivot of Morphe from large, low-priced eye shadow palettes to more expensive and considered products is an example of how makeup brands are responding to this shift.
Hybrid products that address manifold consumer needs with intuitive claims and high-quality skin effects are a stand-out sub-category. These products offer elements of skincare alongside old-style Hollywood glamour when wielded with confidence. Launches of such multi-use products have grown 15% in 2020-25, while products that promise suitability for all skin tones have also grown by 162% over the same period and now account for 4% of launches as of May 2025.