The sales figures don't only reflect consumer sentiment, of course, but also point to retailers' strategies. One influence that's totally separate from the economic inequality debate is the proliferation of specialty beauty stores Sephora and Ulta, which bring prestige brands out from behind the department store counter and into the hands of consumers, who now feel more comfortable purchasing a pricey product since they can test it first. Subscription box company Birchbox gives customers a similar experience at homeDating Service.

    And then there's the case of retailers buying into the theory that poorer people don't want discretionary itemsdermes. 

In the third quarter of 2013, mass retailers did what's called a "de-stocking," according to Javier Escalante, an executive director at Consumer Edge Research who covers the household and personal care sectors. The stores removed beauty items from aisle endcap displays --dermes retail real estate known to prompt impulse buys -- and replaced them with more practical items, which helped depress mass beauty sales. "Retailers made the decision that people aren't into mascara, they're into sponges," Escalante says. "In a way, it becomes a self-fulfilling prophecy."