Nail lacquer has now replaced lipstick as the most recession-proof cosmetic. In the last year, sales of nail lacquer worldwide have increased by 54 percent, according to an international market research company, whilst in contrast lipstick sales have risen by just 14 percent.
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Nail lacquer has taken over as the heir to lipstick during recessionary times. Recognised as a must-have fashion accessory, nail lacquer is now the official index measurement, replacing lipstick as an affordable indulgence during economic downturns.
We used to measure the economy using the lipstick index – when times got tough, we bought a lipstick. Now the economic barometer is measured in nail lacquer. As times get difficult, we seek instant gratification, so we buy a nail lacquer or get a manicure.
Whilst this trend is happening across the globe with consumers purchasing more and more bright-coloured nail lacquer, in Australia, consumers are flocking to nail bars in the pursuit of happiness.
Industry insiders predict nail colour will be the fastest-growing beauty business in the next few years, providing a small yet promising pocket of growth for beauty groups.
OPI, a leading professional brand, generated over $200 million in sales from over 100 countries in 2010. This year the company anticipate the sales to be close to $300 million.
According to OPI US, the sales growth for OPI nail lacquer in 2010, was approximately 20% compared to less than 5% in the makeup category and less than 3% growth in perfumery. The industry experts anticipate the growth to double in 2011.
Australians have adopted the trend of pampering themselves with a manicure and pedicure, more so than any other country in world. Australia is one of the top five highest selling countries worldwide in terms of sales for OPI.
The reason for the growth in the nail care category is due to the innovation and celebrity alignments. Indeed, there has been a huge surge of interest in nail lacquer and nail art, which has never been more fashionable. OPI have set themselves apart from some of the other brands with their quirky names and more imaginative products, including matte lacquers and shatter-finish treatment products and alignment with high-grossing movies such as Alice in Wonderland and Pirates of the Caribbean. OPI’s next movie alignment is with Disney’s The Muppet movie which will be released in Australia in January 2012.
Celebrities are cashing in on this new trend. OPI has collaborated with the well-known celebrities such as Kardashians and Katy Perry, even Justin Bieber had his own line of nail lacquer with Nicole by OPI, that sold over a million bottles.
People have different personalities, and nails are an area where you can take a risk, and express your own individuality through the colour shade on your nails or through nail art.
Invented over 5,000 years ago by the Ming Dynasty, nail lacquer has been one of the longest and most successful fashion trends to this day. Chinese royalty wore colored nail polish in relation to the current dynasty. The ancient Egyptians used nail lacquer to symbolise their rank. Even Cleopatra used a red stain for her nails.
Although nail lacquer no longer suggests a statement of rank or royalty, it is still a necessary and affordable fashion accessory for any outfit.
To find out more about OPI visit www.opi.net.au