<![CDATA[Abstract. The halal cosmetics industry in Indonesia demonstrates strong resilience despite global macroeconomic pressures. The lipstick effect phenomenon is crucial to examine because halal cosmetics serve not only as aesthetic commodities but also as instruments of psychological resilience and spiritual identity for Muslim consumers amidst economic uncertainty. This study aims to explain the relationship between macroeconomic variables exchange rate, inflation, interest rate, GDP, and unemployment rate and the sales of halal cosmetic products at PT Mandom Indonesia Tbk through the lens of Maqasid al-Shariah and the Lipstick Effect phenomenon. The article adopts Keynesian consumption theory and consumer behavior theory, emphasizing that spending decisions are influenced not only by income but also by psychological and spiritual factors. Using a quantitative approach with multiple linear regression on quarterly data from 2017–2024, the results show that the exchange rate has a negative and significant effect on sales (β = –2.623; p = 0.0023), while inflation, interest rate, and GDP have positive but insignificant effects. These findings suggest that rupiah depreciation reduces sales, whereas halal cosmetic consumption remains stable due to spiritual motivation and the principles of hifz al-nafs and hifz al-mal. Abstrak. Industri kosmetik halal di Indonesia menunjukkan ketahanan yang kuat meskipun berada di bawah tekanan makroekonomi global. Fenomena lipstick effect menjadi krusial untuk dikaji karena kosmetik halal bukan sekadar komoditas estetika, melainkan instrumen resiliensi psikologis dan identitas spiritual bagi konsumen Muslimah di tengah ketidakpastian ekonomi. Artikel ini bertujuan menjelaskan hubungan antara variabel makroekonomi seperti kurs, inflasi, BI Rate, PDB, dan tingkat pengangguran terbuka terhadap penjualan produk kosmetik halal PT Mandom Indonesia Tbk dalam perspektif Maqasid al-Shariah dan fenomena Lipstick Effect. Kajian ini berlandaskan teori konsumsi Keynesian serta teori perilaku konsumen, yang memandang konsumsi tidak hanya dipengaruhi oleh pendapatan, tetapi juga faktor psikologis dan spiritual. Metode yang digunakan ialah pendekatan kuantitatif dengan analisis regresi linier berganda terhadap data tiap kuartal 2017–2024. Hasil menunjukkan bahwa kurs berpengaruh negatif dan signifikan terhadap penjualan (β = –2,623; p = 0,0023), sedangkan inflasi, BI Rate, dan PDB berpengaruh positif namun tidak signifikan. Temuan ini mengindikasikan bahwa pelemahan nilai tukar menekan penjualan, sementara konsumsi kosmetik halal relatif stabil karena dipengaruhi oleh motivasi spiritual dan nilai hifz al-nafs serta hifz al-mal.]]>
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