The ‘lipstick effect’ has remained the undisputed gauge of the beauty industry’s resilience, but the bellwether for affordable treat splurges may have finally been dethroned by a new upstart in 2026 – perfumes. For those unaware of the lipstick effect, the theory is that consumers are still willing to buy cheaper luxury goods to make themselves feel good when they have to cut costs in other areas of their lives. Join the beauty industry for an evening of recognition and celebration as this year’s winners are revealed. However, in 2026, the fragrance market has hit a new stride, says Jean Madar, Director and co-founder of fragrance specialist Interparfums. “The current state of the fragrance market is