Does your cosmetics company rely heavily on brand loyalty? If so, it may be time to change your approach. Research from a new study reveals that U.S. cosmetic consumers have no qualms about purchasing from a wide variety of brands, and typicallydisplay little-to-no brand loyalty.
The most frequent cosmetics consumers have more erratic shopping patterns than anyone, according to TABS group founder and CEO Dr. Kurt Jetta. “The heaviest cosmetics shoppers demonstrate no brand loyalty, purchasing more than eight brands on average and shop at more outlets than lighter buyers.” Jetta said.
Findings from the study have been published in a new report from the company, Consumer Value study, highlighting the idea that most shoppers seem to favor stores that offer the best value.
“The bottom line is that more deals lead to more sales, particularly among the heaviest buyers who have no loyalty to specific brands,” Jetta said.
Researchers Search for Buying Patterns
TABS surveyed 1,000 women and 250 men between the ages of 18 to 74 to find out the types of cosmetic and beauty items they’re buying, how often they’re making purchases, and the types of stores at which they shop. The research team also asked consumers about the influence social media has on their beauty purchases, and to identify certain beauty trends.
They used the data accumulated to estimate that annual cosmetics sales in the U.S. currently tops roughly $12 billion, excluding skin and hair products.
The results also revealed that survey respondents purchased an average of seven brands per year, spending approximately $5-$20 per item. Millennials proved themselves to be the biggest spenders of the group, paying an average of 25 percent more for their cosmetics than other age groups.
Additionally, the team found that the nation’s largest retailers, such as Target, Walmart and Walgreens, garnered the highest overall cosmetic spend, but there is no evidence of customer loyalty with any of these companies.
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