Survey revealed beauty brands’ values play a pivotal role in purchasing decisions across all generations
A new survey has found diversity is the most important brand value among Millennials and Gen Z beauty shoppers.
The findings, collated by Swedish bank Klarna and conducted on 15,000 US consumers, showed that brand values factor into all generations’ purchasing decisions, but that 40% of Millennials and 31% of Gen Z customers will have higher regard for a brand if it’s inclusive.
Meanwhile, sustainability was found to be the biggest driver for Baby Boomers.
Some 31% of Boomers, customers between the ages of 57 and 75, value sustainability when shopping for beauty more than any other age group.
“Klarna’s beauty survey has uncovered new consumer insights and trends that beauty brands should keep in mind as they plan their strategies for the rest of the year,” said David Sykes, Head of Klarna’s US business.
“For example, a key learning is that shoppers across all generations agree that brand values play a significant role in their purchasing decisions when shopping their favourite beauty items.”
Shopping in-store has been under threat since the pandemic began over a year ago, and questions have circled about the survival of bricks-and-mortar.
According to Klarna’s findings, younger generations, 30% Gen Z and 24% Millennials, are likely to return to beauty stores once a vaccine is available for them.
And while 67% of respondents preferred in-store shopping pre-pandemic, more than 40% said they will not shop any differently once the vaccine has been rolled out.