Learning notes from this episode:

 

• A Harvard study from 2017 showed that women who wore make up to take an exam performed better than those who did not. (Here's the link to the study).
• This shows that the main audience the consumer needs to impress is themselves. Wearing something changes their view of who they are and boosts confidence.
• In economics, the lipstick effect describes the fact that consumers buy small luxury items even during an economic downturn.
• These psychological and economics insights are great for brands and retailers in a pandemic because even in lockdown and during a recession, consumers still want to buy fashion and beauty. But, the product and marketing message must give consumers a feeling of transformation, and not focus on image alone.

 

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Say hi to your host Sophia Matveeva on Twitter