Makeup and hair care products can be lovely items, but Gen Z is a real skincare lover. According to a new study from Klarna, this age group consumes skin products the most, surpassing even the generations that precede it.
According to a survey conducted in February 2021 in the United States, skin care was the most shopped-for beauty category across all age groups. The majority of Gen Z shoppers (aged 18 to 24 years) said skin care was the product category they currently spend the most on.
Millennials and Gen Z are the main consumer demographic driving the trend, showing more interest in organic and natural beauty products than the average consumer. 43% of consumers in this age group indicated a preference toward natural skincare, compared to 31% of overall consumers in the U.S.
As an example, in the United States, the top three markets for natural skin care sales growth are young professionals, new mothers, and women 65+…and each of THOSE areas is just the tip of the target market iceberg.
Research conducted last year by Klarna among US consumers found that although skincare was the most shopped-for beauty category across all age groups, a higher percentage of Gen Z (41%) and Millennial (40%) consumers say they spend most on skincare, compared to Gen X and Baby Boomers (both 31%).
Far and away, Generation X (Americans born between 1965 and 1980) spent the most of any U.S. demographic that year, cracking open their wallets to the tune of $83,357.
According to a recent survey of Gen Z's shopping habits, the top products consumers in this age group (defined as those aged 18 to 24) purchase online are those in the clothing and shoes category. As many as 65% of Gen Z shoppers—or close to two in three—say they get these items over the internet.
The data shows that the typical Target shopper is a suburban mother between 35 and 44 years of age. The typical Target customer also has some college education and a household income of $80,000. The latter helps explain all of those $200 Target runs.
The women segment led the market for natural skin care products and accounted for the largest revenue share of 77.7% in 2021. One of the primary elements driving market expansion is a growing preference for natural skin care products to avoid outbreaks and discomfort caused by synthetic cosmetics.
Australia's skincare industry was worth $2.9 billion in 2020, with a projected compound annual growth rate (CAGR) for the period 2022–2027 of 5.26%. In 2020, Australia imported approximately $1 billion worth of skincare products.
Skincare is the fastest growing market segment in the beauty industry, according to Statista the revenue in the Skin Care segment amounts to US$19.92bn in 2022 and the market is expected to grow annually by 3.91% (CAGR 2022-2027).
Approximately 42% of the global cosmetic market is made up of skincare. The sale of various skincare products represents just under half of the global cosmetics market. Just behind skincare, hair care products represent roughly 24% of the global market. Nearly 20% of the global cosmetic market is made up of makeup.
The same glucose (sugar) that provides energy for our cells can also react with proteins, including the skin's collagen. This reaction results in the formation of Advanced Glycation End-products (AGEs), which can contribute to loss of elasticity, wrinkles, inflammation, inhibited skin cell growth and accelerated aging.
In your 20's, skincare is important as it sets the groundwork for your youthful glow as you age. Your skin produces collagen up until your mid 20's before it starts slowing down. This naturally created collagen is responsible for healthy, plump and soft skin.
Who is the clean beauty consumer? Younger consumers are the most interested in sustainable products. Gen Z consumers are 1.3 times more likely to want to try environmentally friendly products.
Among U.S. consumers, the most important attributes for beauty and personal care products are that they are clean, natural, and free from any harmful chemicals.
The four target markets are geographic, demographic, psychographic, and behavioral. The fifth target market some scholars consider is firmographic.
This is everything you need to know about the 6 types of market segmentation: demographic, geographic, psychographic, behavioural, needs-based and transactional.
The first Target store opened in Roseville, Minnesota in 1962 while the parent company was renamed the Dayton Corporation in 1967.
Moisturizer is the number-one product Gen Z claims they can't live without, followed by SPF and serums. Vitamin C is the number-one body care product Gen Z uses. 75% have a dedicated bodily skincare routine. CeraVe is the number-one face skincare brand across the generation.
Gen Z consumers are more likely to buy sustainable, high-quality, products. 73% of Generation Z consumers are willing to pay 10% more for sustainable products, according to a report from First Insight. They value personalised products and are often drawn to brands that share their point of view on political issues.
Gen Zers generally have strong values related to racial justice and sustainability. Mobilizations like the Global Climate March, led by Gen Z activist Greta Thunberg, thrive on the activism of young people. Climate change is one of the issues Gen Zers care about most.
Baby boomers have the highest household net worth of any US generation. Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.
According to a recent survey of 1,300 managers, three out of four agree that Gen Z is harder to work with than other generations — so much so that 65% of employers said they have to fire them more often.