Let $X$ be a finite CW complex, and suppose $\Sigma X \cong X \wedge \mathbb{R}P^1$ is not contractible. By considering the fundamental group or otherwise, it is easy to see that there can be no retraction $\mathbb{R}P^2 \to \mathbb{R}P^1$. But how about a retraction $X \wedge \mathbb{R}P^2 \to X \wedge \mathbb{R}P^1$? I'm told that this too is impossible, but I don't know how to show it.
Using the Kunneth formula for homology, we see that $\tilde{H}_*(X)$ is 2-torsion, and that the top homology group is zero. But this does not rule out spaces like suspensions of even-dimensional real projective spaces. I think we need to look at some other algebraic invariants/structures.
(For those in the know, this question is related to the assertion that the suspension order of a finite complex is not two.)