Beauty Futures Report Released by NIQ, World Data Lab, and SPATE

Beauty Futures Report Released by NIQ, World Data Lab, and SPATE

NIQ in collaboration with World Data Lab and SPATE, has released a groundbreaking report titled “Beauty Futures,” providing in-depth insights into the global beauty market’s trajectory over the next decade. This report highlights key generational shifts, consumer preferences, and emerging trends that will shape the beauty industry, projecting continued growth and an expanding role for beauty services across diverse demographics.

Claire Marty, Vice President of NIQ Beauty, comments on the findings, emphasizing the importance of understanding the nuances between different generations in the beauty industry. “At NIQ, we know that understanding the differences between generations is crucial to succeeding in the ever-evolving beauty industry,” she explains. “This enables companies to go beyond a ‘one-size-fits-all’ approach and tailor strategies specifically to each generation. Our data on consumer trends and sales figures help beauty brands Beauty Futures identify unmet needs, understand customer values, and navigate the retail landscape.”

Key Findings About Different Generations:
Millennials: The Dominant Force in Beauty

Millennials, born between 1977 and 1995, will play the most prominent role in driving global beauty market growth in the next decade. By 2034, they are expected to account for 24% of the global beauty market, surpassing Generation X in spending. Millennials’ growth in spending on skincare and haircare products will outpace the overall market, with a significant rise in demand for natural ingredients and sustainable beauty products.

Generation X: High Spenders and Product Enthusiasts

Generation X, born between 1965 and 1980, remains a major player in the beauty market. While they are not the largest generation in terms of overall numbers, their spending power is significant. In fact, Generation X is expected to contribute $150 billion in beauty spending between 2024 and 2034. This cohort is particularly strong in skincare, with a projected annual growth rate of 4.9%, totaling $26.8 billion in 2024.

Generation Z: Shaping the Future with Social and Environmental Awareness

Generation Z, which comprises individuals born between 1996 and 2010, is expected to be one of the most socially and environmentally conscious generations. As they enter the beauty market, they are prioritizing sustainability and social equality in their purchasing decisions. This generation prefers beauty brands that support environmental sustainability and social justice causes, with an increasing focus on brands that support minority communities and disadvantaged groups.

Industry Insights and Future Trends

The “Beauty Futures” report not only provides insights into generational differences but also highlights key trends that will drive the beauty market in the years to come. The growing emphasis on health, wellness, and sustainability will continue to influence purchasing decisions, particularly among Millennials and Generation Z. Brands that align with these values and respond to the digital trends captured through platforms like Google and TikTok will be better positioned to thrive in an increasingly competitive beauty landscape.

About NIQ NielsenIQ (NIQ) is a leading customer intelligence company, offering comprehensive insights into consumer purchasing behavior and uncovering new growth opportunities. With a global presence across 95 countries, NIQ’s advanced analytics and consumer insights help brands Beauty Futures navigate the evolving retail and consumer landscape.

About World Data Lab World Data Lab leverages proprietary data to forecast consumer trends, Beauty Futures spending habits, and demographic shifts. Their innovative approach provides accurate, timely, and reliable insights across more than 180 countries and 6,000 cities.

About SPATE SPATE is an AI-powered market research platform that analyzes billions of search signals and TikTok videos to provide brands with up-to-date insights into consumer trends. SPATE’s data helps brands stay ahead in the fast-changing beauty industry.

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