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The correct answer is indeed:
An increase in lipstick sales during a crisis

The term was popularized in the early 2000s by Leonard Lauder (Estée Lauder) after the September 11, 2001 attacks: while overall consumption slowed, lipstick sales increased.

The principle is simple: during times of uncertainty, consumers cut back on big purchases… but allow themselves small, affordable pleasures.

Already during the Great Depression of the 1930s, cosmetics surprisingly held up well.

The same thing happened after the 2008 crisis — although the phenomenon is now nuanced (skincare sometimes takes over).

When everything is shaking, we turn back to ourselves.

Lipstick then becomes more than just a product:
a symbol of control, dignity, sometimes even defiance.