From the Investopedia Daily email:

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Term Of The Day: Leading Lipstick Indicator
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An indicator based on the theory that a consumer turns to less-expensive
indulgences, such as lipstick, when she (or he) feels less than confident
about the future. Therefore, lipstick sales tend to increase during times of
economic uncertainty or a recession.

Investopedia Says:
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This term was coined by Leonard Lauder (chairman of Estee Lauder), who
consistently found that during tough economic times, his lipstick sales went
up. Believe it or not, the indicator has been quite a reliable signal of
consumer attitudes over the years. For example, in the months following the
Sept 11 terrorist attacks, lipstick sales doubled.

Who knew?