WHAT’S HAPPENING:
With unemployment rising to levels not seen in 16 years, consumers have pulled back sharply on spending. So in attempts to entice cash-stricken consumers this Valentine’s Day, beauty brands are rolling out a host of specially created gift sets and limited edition products. Romance is taking a back seat as women are being targeted with a bevy of products that promise to seduce and empower. This translates to cosmetics in vampish scarlet tones with tongue-in-cheek titles. Limited edition packaging, with a price tag to match, also becomes a key focus. This transcends the mid- to uber-luxe markets, from Tommy Hilfiger’s pearl-embellished bottles to Caron Paris’ solid gold bracelet.
Clinique's Heart Lip Gloss Set
Rose Candle by Diptyque
WHAT THIS MEANS TO BUSINESS:
As consumers cut back on their spending and strive to form more disciplined habits, the “urge to splurge” occasionally becomes stronger. Holidays such as Valentine’s Day provide the perfect excuse for consumers to treat themselves to something special. Special gift sets and limited editions appeal to this need and provide an emotional reward, thus making it easier for consumers to justify their purchase without feeling buyer’s remorse.
