The lipstick effect is the theory that when facing an economic crisis consumers will be more willing to buy less costly luxury goods. Instead of buying expensive fur coats, women will buy expensive lipstick.

　　口红效应指的是在经济危机时消费者更愿意购买相对廉价的奢侈品这样一个理论。女性消费者在经济危机时选择购买的不是价格不菲的皮草服装，而是高档口红。

　　The underlying assumption is that consumers will buy luxury goods even if there is a crisis. When consumer trust in the economy is dwindling, consumers will buy goods that have less impact on their available funds. Obviously men will not be buying lipstick, but could be tempted by expensive beer or smaller, less costly gadgets.

　　口红效应揭示的是这样一种思维：就算在经济不景气的情况下，人们仍然有购买奢侈品的愿望。当人们意识到经济在下滑的时候，他们会购买一些对其现有资金影响不大的商品。男性消费者当然不会去买口红了，不过他们可能会买高档啤酒或一些小巧又不太贵的小玩意。