 Hey, I’m sure many of you have heard of a management concept—the catfish effect. This famous effect originated in a small fishing village in the Nordic region. In a small fishing village in the Nordic region, people made a living by fishing for herring. At that time, fishermen found it challenging to bring herring …
The “lipstick effect” describes an interesting economic phenomenon wherein lipstick sales surge during economic downturns, a phenomenon also known as the “preference for low-cost products trend.” When the economy experiences a slump, lipstick sales tend to increase linearly. This is attributed to the fact that lipstick is a relatively affordable luxury item. In times of economic hardship, individuals still harbor a …
