The “lipstick effect” refers to the increased demand for affordable luxuries during difficult economic times. One recent example of this can be seen in the fragrance category, which has benefited from the lipstick effect and the rise of fragrance-focused content on social media.  According to NPD data, in 2022, TikTok was responsible for 45 per cent of all social media-driven fragrance purchases in the US, with niche fragrances like Baccarat Rouge 540 by Maison Francis Kurkdjian and Mis