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Sitting in a Russian operated nail salon in a Chicago suburb yesterday, I spent 45 minutes reading an article in Nailpro Magazine about the industry and the recession. Time was that the beauty industry was seen as "recession proof." Not so much today for nail technicians.
In the article, nail techs across the country shared that business was very tough. A celebrity manicurist who typically charges her clientele $100 for an in-home visit said even celebrities are cutting back --going to salons instead of paying the $100 for a personal visit.
I would have asked my nail tech about the state of her business but she didn't speak English.
Growing up my mom always wore Revlon Red nail polish. I coveted that polish but the only time she would allow me to wear it was when I was home sick.Manicures were a big deal in my house. Every Sunday my mother would gather her equipment -- a bowl of lukewarm water with ivory soap,two towels, a cuticle remover, nail clippers, polish remover, red polish for her, clear polish for me.
My mother did not/does not have kind thoughts for women who do not groom their nails. She does not understand how women can spend a fortune on their hair and makeup but will walk around with broken nails and unkempt cuticles.
The message stuck.
For the better part of my adult life, I have had a standing appointment to get my nails done. However, I am part of a minority. Studies indicate only four in 10 women get manicures and that number is on the decline.
According to a survey in Nails Magazine,the nail business has suffered its third straight year of losses.
While nail salon services may be suffering, a couple of recent surveys in the UK suggest that the majority of women would rather give up food than their beauty regimes.
Most recently beauty retail website feelingunique.com asked 1,000 women in the UK about their shopping habits and found that the credit crisis may reveal itself more clearly in cupboards than bathrooms.
Nearly one in three female respondents said they would prefer to eat less than reduce their spending on ‘essential’ beauty items.
… The results support the findings of a ShopSmart survey of female customers in the US carried out last month.
Polling 1,000 women by telephone the magazine concluded that female shoppers were more likely to opt for cheaper food essentials than give up their chosen cosmetic brands.
While 67 per cent would switch to less expensive brands for eggs and milk, only 30 per cent said they would be willing to turn to cheaper cosmetics.”
Monica Corcoran of the Los Angeles Times found that sales of luxury skincare products are up 21% this year ( luxury is priced at $150 a bottle) that's compared to a modest 2% growth rate for the overall beauty industry.
This month, La Prairie introduced its Cellular Cream Platinum Rare, priced at $1,000. "The world has grown outrageously wealthy," trills the news release. "New wealth has spawned new dreams. . . ."
Of course, until a few months ago, visions of vacation homes in Gstaad and mink-lined oven mitts weren't so snort-worthy for some. And yet, perhaps it would have behooved the company to temper its pitch when Wall Street first started begging for a bailout.
"Our customer has always been a woman who seeks the best in luxury skin care," says La Prairie President Lynne Florio. "Despite the economy, investing in their skin is a part of their lifestyle."
La Prairie is no pioneer when it comes to haughty pricing.
Last month, Kanebo unveiled a $400 body cream. Chantecaille has its $420 Nano Gold Energizing Cream, and Sisley Paris recently introduced a $460 anti-aging cream. Even Clinique, the lower-priced brand in that signature clover green packaging I treasured during my lean college years, has a $225 entry in the super-premium face-cream market. Et tu, Clinique?
Writing in Portfolio.com, Rachel Felder says many experts believe the beauty industry is going to feel this recession.
Niche brands are proactively changing to weather a challenging economic climate. Shiseido, for example, is cutting the number of its products by nearly a third over the next two years, discontinuing less-successful lines to place emphasis on popular offerings. Skin-care line Skyn Iceland has lowered the price of its key product launch for fall to make it more appealing
