Millennials and Beauty
In this report, we review how millennials’ buying habits and preferences are reshaping the beauty market.
- Millennials, born between 1980 and 2000, are particularly important for the beauty market due to the sizeable consumer base they represent and their growing spending power.
- Currently, millennials spend less on personal care products and services than older generations, including Generation X (born between 1966 and 1979) and baby boomers (born between 1946 and 1965). However, millennials’ expenditures are expected to improve as younger millennials join the workforce and older millennials move up the professional ladder.
- When buying beauty products, price and brand trust are major purchase drivers for this generation. Millennials are more likely than older generations to care about the social values, including ethics, eco-consciousness and social responsibility, of the beauty companies with which they associate. In addition, millennials are health conscious and prefer natural and organic cosmetic products.
- The Internet and social media are the major influencers for millennials’ beauty buying decisions. Millennials research beauty products online; however, a majority of them would still prefer to buy in store.
- According to Prosper Insights & Analytics data, Walmart and Target are the millennials’ most-preferred destinations for shopping skincare and cosmetic products.