The Effect of Millennial's and Gen-Z’s on the Beauty/Cosmetic Industry
Beauty brands are being challenged by social media posts by the millennial’s/Gen-Z’s as the norm is now changing as well as the meaning of beauty. In a way, millennial’s and Gen-Z’s could be seen as catalysts as they have affected the cultural movement that is happening in the world. Beauty brands have been changed/influenced in the way they advertise and operate, as their priority is to attract the young generation due to them being their biggest target market and highest consumers.
A study was carried out and apparently when 13-34 year olds purchase a beauty product they will apply it and then evaluate their personal beauty as they will see it as their core identity. 79% of them believe that the way they present themselves is a huge fundamental in who they really are and what they are like. And 50% said they alter their style/look nearly every month as they have a desire to be unique.
Gen Z makeup & beauty trends
Millennial’s and Gen-Z’s have a huge drive when buying and using cosmetics as they seem to be the most passionate about the industry. In fact, 25% more cosmetics are being bought and used compared to 2 years ago therefore causing a significant ‘boom’ in the market.
However, due to the success in the makeup industry, it has caused a challenging environment for retailers and packaging companies.
Millennial beauty brands
The jump in sale for shimmery highlights, lush lipsticks and dewy foundations has mainly caused sales revenue in Estee Lauder and L’Oréal to increase massively. Also, increased revenues at Ulta Beauty has enabled them to open 100 new stores over the past few years.
This industry continues to grow with globalisation taking place in more of the makeup brands, so a wider market can be reached, and more people can easily access a variety of makeup. And this is all thanks to the millennial’s seeing as though they make up 60% of the beauty audience.