New research from 5WPR indicates that consumers, particularly those aged 16 to 24 (Gen Z), are planning to splurge on beauty and personal care purchases in 2024. Here are the key findings and insights from the report:
1. Gen Z Shoppers' Spending:
- Consumers aged 16 to 24 are leading the trend of splurging on beauty and personal care.
- Beauty and personal care rank in the top three splurge categories for Gen Z, with 57% of respondents expressing interest in splurging.
- In 2023, the category claimed the third spot where Gen Z spent most of their disposable income (41%) and is projected to maintain its top three status in 2024.
2. Consumer Interest in Self-Care:
- There is a growing emphasis on self-care, particularly in beauty and personal care.
- This trend demonstrates a shift in consumer priorities toward well-being and self-pampering.
3. Increased Spending:
- Overall, 6% more consumers are showing interest in splurging on beauty and personal care in 2024 compared to 2023.
- The beauty and personal care category has entered the top five splurge categories for the first time in the history of 5WPR’s Consumer Culture Report.
4. Importance of Targeted Messaging:
- Consistent and targeted messaging for brands across the beauty industry is crucial to engage with consumers and integrate brands into their daily lives.
- Building long-lasting relationships with consumers can help brands endure industry trends and changes.
5. Research Methodology:
- The research was conducted by Censuswide, an independent market research consultancy, with a nationally representative sample of 2,005 US consumers between Nov. 28-30.
These insights suggest that beauty brands should focus on understanding and targeting Gen Z consumers, who are showing a strong interest in splurging on beauty and personal care products. Tailoring marketing strategies to cater to their preferences and emphasizing the importance of self-care could help brands succeed in this growing market segment.
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