The annual Premium Market Report has officially confirmed that millennials have a strong influence on the luxury beauty sphere. The Imogen Matthews Associates (IMA) report, conducted by YouGov, revealed that women in the 18-30 age group are significant demographic who want a different shopping experience than their older contemporaries.
Instead of remaining loyal to one brand, these women mix and match products from affordable and premium brands. They’re very active on social media, enjoy learning about products through vloggers and can be difficult to reach through traditional advertising.
In total, there are approximately 80 million millennials in America, with around $200 billion in spending power each year. Beauty brands that want to stay relevant need the support of these young consumers to stay afloat.
Study Reveals Millennials Beauty Buying Habits
The report indicated that compared with older generations, millennials are twice as likely to browse premium beauty websites before making a purchase decision and to try a product that was recommended online, but are less likely to visit a store to check out a product before researching it online.
“Millennials represent the next generation of premium beauty customer,” said IMA’s Managing Director, Imogen Matthews. “But if brands are going to woo them, they will need to take a different approach to that used to build loyalty with their current generation of customers.”
Marketing strategies that worked to attract premium beauty customers in the past are now outdated. Companies need to make adjustments to reach this tech savvy generation. Millennials enjoy engaging with brands on social media and are more likely to become loyal customers after positive interactions. They’re also generally wary of content coming from large corporations, preferring instead to get recommendations on beauty products from blogs, which are largely considered more genuine. Brands will need to find a way to use social media platforms to connect with potential customers and reach out to online influencers to build key relationships that can help them establish trust.
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