Millennials, Gen Z to drive global beauty market growth, says generational report
The study revealed that Millennials, born between 1977 and 1995, will dominate beauty market growth in the next decade, surpassing Gen X as the leading spenders by 2034, representing 24 per cent of spending globally.
KUALA LUMPUR - Millennials are expected to lead global beauty spending, contributing US$193 billion, followed closely by Gen Z at US$158 billion, as unveiled in NielsenIQ (NIQ)'s new report forecasting the future of the global beauty market over the next decade. (US$1=RM4.42)
In collaboration with World Data Lab and SPATE, the comprehensive generational report highlights generational shifts in beauty preferences, spending, and behaviours, with Millennials and Gen Z at the forefront of growth.
The overall beauty market is projected to reach US$1.1 trillion, with an additional US$700 billion in growth by 2034, driven in large part by Asia, which will account for US$310 billion, according to a statement.
NIQ Beauty, Vice President, Claire Marty emphasised the importance of understanding generational differences to navigate this rapidly evolving industry, while brands are encouraged to move beyond a “one size fits all” approach and use data to address the specific needs and values of each generation.
The study revealed that Millennials, born between 1977 and 1995, will dominate beauty market growth in the next decade, surpassing Gen X as the leading spenders by 2034, representing 24 per cent of spending globally.
Their spending is focused on skin and hair care, with a preference for natural ingredients in their beauty routine.
Millennials are also significantly influenced by TikTok trends, with #makeupover30 and emerging topics like Beef Tallow usage gaining traction.
In terms of beauty services, Millennials in Europe are expected to allocate 57 per cent of their budgets to beauty services by 2034.
Meanwhile, Gen X, born between 1965 and 1980, will be the largest beauty spenders through 2034, with their spending set to increase by $150 billion.
This generation is highly engaged across beauty categories, especially skincare, which will see the fastest growth at 4.9 per cent year over year (US$26.8 billion).
Gen X consumers tend to prioritise convenience, often shopping at one-stop locations, while also increasingly active on TikTok, with popular hashtags like #over40makeup.
The report underscores the importance of digital trends on platforms, revealing shifts in consumer behaviour and preferences.
Both Millennials and Gen Z are placing greater emphasis on sustainability, with Millennials prioritising environmental impact and Gen Z seeking products that promote social equality.
NielsenIQ’s “Beauty Futures” report offers a detailed analysis of global beauty consumers, covering market projections, generational purchasing drivers, and emerging trends. - BERNAMA
