Millennials And Gen Z: Transforming The Beauty Industry
The adoption of new consumption habits by shoppers has caused retail to live in constant transformation, and the beauty and personal care sector is not immune to these changes. And although the most complex part of the pandemic seems to be in the past, the truth is that the feeling of uncertainty continues to predominate when buying, so people are giving in less to impulse, becoming more rational.
The two years of confinement due to the Coronavirus perpetrated consumer concerns, giving them a more focused focus on feeling good, so it is estimated that purchases in 2022 will be strongly influenced by a growing interest in health, physical well-being, and emotional, and the sustainability of the products that are acquired.
In this sense, it is expected that these values mentioned will become a priority for buyers, and therefore, the beauty industry must adapt to these new demands, through the use of safer and more environmentally friendly ingredients, transparency in the supply chain, actions in favor of the environment and commitment to various social causes.
The subtle difference between a millennial and a zeta
In the last two years, the beauty industry has not only had to adapt to new consumption habits, in addition to accelerating its digital innovation processes, but it has also had to face the demands of millennial and Gen Z consumers.
After the pandemic, these two age groups began to emerge as the main segment of consumers, whose purchasing decisions are having an impact on the growth of companies and the positioning of brands. Hence the interest of companies to capture their preference and loyalty.
But one detail should not be overlooked, and that is that there is a decade difference between a Millennial and a Zeta. This generational gap is extremely relevant for those who work in retail, and mainly for those who are in the cosmetics sector since it can guide them regarding the motivations that each one has when purchasing a product.
According to a study by the consulting firm PwC, millennials are much more interested in living experiences than in accumulating things, which is why the birth of subscription services or the famous “boxes” with products of a certain brand have become an object of desire for those consumers born between 1981 and 1996.
On the other hand, Generation Z (1996 – 2010) has grown up in a digital environment and is socially and environmentally aware, so they define themselves as consumers with strong principles and, at the same time, a playful spirit. They are much more sensitive to brand values and can “cancel” it (stop using) if it doesn’t conform to their moral standards.
Trends according to the new generations
On the other hand, the pandemic managed to generate common ground between the needs of millennials and a gen Z, and despite the years that separate them and the diversity of their purchase motivations, these demands are equally powerful in both age groups.
About this, Quadpack’s Market Insights team analyzed the main trends that will influence the beauty industry during this year:
- Joy and fun are key: consumers want the use of beauty products to be a fun process that stimulates their creativity. Limited editions and collaborations dominated by bold colors, glitter, and unique textures invite consumers to have fun.
- Ethical consumption: the beauty industry must assume a genuine commitment to social and environmental causes, with transparency as a standard at all times.
- Natural tech – The “natural beauty” trend has evolved into a consumer more open to lab-based solutions aimed at protecting the environment, whether it be an ingredient that substitutes animal-derived elements or a mineral sunscreen that does not harm coral reefs. coral.
- Accepting imperfections: freckles, pimples, wrinkles, folds, are recognized as attributes of each person, so they should not be hidden, but rather, should be enhanced with makeup. Consumers demand that brands must be inclusive and offer diverse solutions if they do not want to risk being boycotted.
- Beauty inside and out: the search for physical and emotional well-being challenges the beauty industry to create products that help enhance the physical and inner beauty of shoppers.
- Makeup in the age of filters: Without a doubt, both millennials and Zetas are active users of social networks, with Tik Tok being one of those that established itself during the pandemic. For the same reason, some brands launch filters and apps to try on products; others focus on products that help consumers look better on camera.