I came across very interesting article today about the steep decline in teen beauty and makeup spending this year. According to Yahoo Finance reports teen’s spent 20% less on makeup in Fall 2019 than they did the previous year. It got me wondering if Gen Zers are spending so much less what about millennials and Gen Xers? I personally feel like the makeup and beauty industry has gone flat. The bubble has burst and people are starting to wake up and realize that they’d rather purchase quality over quantity. We’ve been conditioned to not jump on all the new releases because we know at some point they’ll go on sale, we have plenty of nude, neutral eyeshadows and we don’t need another one, and we realize that having a lot of makeup isn’t akin to having fewer pieces that are of good quality.
Some interesting statics for this study put males at nearly 16 years old being the biggest spenders in the beauty industry at 54% and the other 45% being female. Another interesting factor is the brick and mortar store may not be dead because 91% of teenager girl said they’d rather shop in stores rather than online. I wonder if this could be because they have more access to cash versus a debit or credit card. I got my first credit card when I was 21 but today’s youth is a lot more advanced than I was growing up so, I could be the only thinking they shop in store versus online due to lack of plastic.
One of the most interesting aspects in the survey that was performed is that Ulta is favored by teens over Sephora. This is interesting because again I wonder where this puts millennials and Gen Xers. I’d say in the same boat as Gen Zers. Ulta has added many, many brands to their catalog, has an amazing cash back rewards system, and continues to churn out very exciting sales and promotions where as Sephora fails in many of these important areas.
Curious what brands teens are buying? Me too! Tarte. Yup! Tarte! I called Tarte on their Sugar Rush launch! I thought it was silly and I also, felt like they were aiming way too low with their demographic but turns that Tarte is a brand that’s very popular among female teenagers with Too Faced coming in second and Maybelline after (Maybelline won over MAC if you can believe that). Tarte, forgive me, you obviously know your market.
As we head into 2020, I do wonder where the beauty and makeup industry will go. For me, it’s changed and evolved so much that sometimes I feel like I don’t even recognize it. I guess when we hit bottom the only place we can go is up. So, I hope 2020 doesn’t sink the industry further. I hope it continues to grow and flourish but also, to become more unique and innovative.
What do you think of these statistics? Do you think they hold true for everyone else aside from teens?
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