Insight Brief: Millennials & Beauty
In the year 2020, millennials will surpass baby boomers to become America’s leading consumer generation, spending a total of 2.5 trillion dollars on products and services. And while this purchasing power is expected to drive growth across all major industries, the beauty category in particular is slated to experience noteworthy gains as millennial females age, accumulate wealth, and prioritize self-care.
But despite a positive outlook for the industry, heritage beauty companies and new category entrants alike are struggling to keep up amidst numerous tensions and continuous industry disruption. As a result, it’s more important than ever to dig into the “why” behind the preferences driving millennial purchasing patterns when it comes to beauty and cosmetics.
In this Brief, we investigate millennial beauty shoppers’ approaches to beauty, and provide actionable tips for adapting your product offerings and messaging style to transform fickle millennial beauty shoppers into loyal advocates of your brand.