Women are still spending on clothes and cosmetics in the downturn, reports suggest.
Analysis from a director at Cosmopolitan revealed today that the recession has not stopped British women from spending big on clothes and accessories. Shelly Vella, fashion director at the magazine, said in an interview that while spending was still high, females were becoming "savvier" about their spending.
This view is supported by two recent reports from the retail sector, both of which suggested that shoppers are increasingly looking to go online in order to pick up cheaper goods including designer clothes.
Firstly, fashion hotspot ASOS recently recorded a 90 percent rise in sales, bringing annual pre-tax profits up to £7.3 million. Notably, summer sales - traditionally a busy time on the high street - were revealed to have been particularly strong at the site. Meanwhile, IMRG and Capgemini said in their latest e-Retail Sales Index that online sales rose by 19 percent year-on-year in March. Clothing, footwear and accessories was the strongest performing sector, 28 percent up on the year.
These reports also support the commonly-held view that sales of clothes and accessories increase during recessions. According to the Financial Times, it was the chairman of Estee Lauder who originally coined the term "Lipstick index" in 2001 - pointing out the strong relationship cosmetics sales have with times of financial turmoil. "When things get tough, women buy lipstick," he was quoted by the newspaper as saying.
Ms Vella said: "I think we are still shopping. The one thing that makes you better in times like this is looking good ... I think women will be a little bit savvier about where they spend their money but they are still going to spend money. I did it today - I broke my resolution of not spending anything and still found myself buying a top first thing this morning."
