This article was originally published in the Cosmetics Business Beauty Consumers Trend Report. Receive your copy here.
If Gen Z were not already viewed as the beauty industry’s generational equivalent of A-list celebrities, this latest data would swing the pendulum firmly in their favour.
The so-called ‘TikTok generation’ are worth £2.3bn to the total beauty category in the UK, and sales among the under 24s are growing by 17% year over year – the fastest of any demographic, according to Kantar.
They also spend more on beauty products than any other demographic, at a current average of £466 per year.
Over one in five (21%) UK Gen Z consumers plan to increase their spend on beauty even further in 2024 compared with last year, finds CACI in its 2024 Voice of the Nation Survey.
Similarly in the US, McKinsey’s latest ConsumerWise research finds that beauty products are among the categories that Gen Z intend to splurge on most in the next three months (behind only groceries and tied with apparel).
And Kantar data finds that Gen Z women are 66% more likely than the average US woman to claim they spend generously on beauty products.
Not yet a Subscriber?
This is a small extract of the full article which is available ONLY to premium content subscribers. Click below to get premium content on Cosmetics Business.
Subscribe now Already a subscriber? Sign in here.
