The 'lipstick index' strikes again: Beauty shoppers are still spending big, even as US consumers dial back on everything else

• Beauty sales are bucking a trend of declining consumer spending in other categories.
• The strength in beauty is reflecting a long-held retail indicator called the "lipstick index."
• As beauty and wellness grow more intertwined, the phenomenon is getting reinforced.

We may or may not be heading into a recession, but it appears the "lipstick index" is already in full effect.