TABS Analytics' second annual U.S. Cosmetics Study found that millennial women (ages 18 to 34) are the heaviest buyers of beauty products in the $13 billion cosmetics market (market size excludes skin care and hair care products).
Examples of Target Markets
Hence, from a generic point of view, a typical cosmetics business dealing in make-up items and other skincare products will primarily have women, aged 18 and above as its target market.
Growth rate of the global cosmetics market between 2005 and 2019 – Statista. Asians are the biggest consumers of cosmetic products (41% of the market in 2019). North Americans (24%) and West Europeans (18%) follow.
According to a survey during the third quarter of 2022, millennials made up the largest share of consumers globally who shopped for beauty products (36 percent). Gen Z consumers followed, with 35 percent buying their beauty items on the web.
Gen Z turns to mascara, concealer, and blush for go-to daily makeup products. 28% said they now use fewer products in their routine since the onset of COVID-19. e.l.f is Gen Z's favorite makeup brand.
Unlike generations before them, Gen Z is not afraid to incorporate color into their makeup. You can go for a super-bold look with vivid color, but Hurkman recommends going for a more minimal variation by going for a light wash of color on your lids in a shade like mint, lavender, or blue.
According to a survey by CivicScience, in 2019, only 39% of women said they wear makeup daily, which is less than 52% from the same survey conducted in 2015.
Currently the most popular beauty product (and by a significant margin), personal care products have held the biggest share of the beauty market for many years. In 2014, its market share was 45.7%. This is expected to hold relatively steady, dipping only by a marginal two percentage points to 43.7% in 2027.
The United States spends the most on cosmetics. In 2018, US consumers spent a total of $89.71 billion on cosmetics. The next highest country, China, only spent $58.26 billion -- with about 4 times as many consumers.
The target audience for Sephora is young women, especially those belonging to the middle and upper-middle classes. According to a survey, users had a lot of queries as to how many brands does Sephora carry. There is a huge product range available with the company including more than 15000 products.
Age segmentation means focusing on the age range most valuable to your product or service. Marketing demographic age brackets are usually 18-24, 25-34, 35-44, 45-54, 55-64, and 65 and older.
Overall in 2021, Gen X (anyone born from 1965 to 1980) spent the most money of any U.S. generation, with an average annual expenditure of $83,357. The second biggest spenders are Millennials with an average annual expenditure of $69,061. Image: Visual Capitalist.
Starting around the age of 11, your child might get interested in makeup. When they were small, chances are you let them play with a toy version of a makeup palette or apply a dab of lipstick for fun. However, at 11, they're starting to feel self-aware and internalizing the influences around them.
Data shows that women do the majority of household spending, grocery shopping and meal preparation. With women generally spending more time on household duties than men, it's no surprise that much of their spending is allocated to these categories.
Chemical ridden products, vague ingredient labels, and hidden chemicals are three of the major problems with the beauty industry. All these problems stem from one major source: lack of regulation. Lack of regulation enables companies to put unsafe chemicals in products and vaguely label chemicals as “fragrances”.
"We also asked when a woman is most beautiful: Men believe female beauty peaks at 29, while women give themselves a few more years, answering, on average, 31." Allure teamed up with the Penn Schoen Berland to survey 2,000 people across the country.
It's been shown that when women wear makeup they appear more trustworthy and competent than their bare-faced peers. But a widely reported study published last May in the Quarterly Journal of Experimental Psychology had a different take: both men and women think ladies look better wearing less makeup.
The use of cosmetics was already declining before 2020, but a survey of 10,000 British women by market research firm Kantar has revealed big changes to post-lockdown beauty routines. Make-up purchases and frequency of wearing products has dropped steeply in the last two years, by almost a third, it suggests.
"Gen Z are all about creating an attitude rather than a full studied look. They're using makeup as a form of expression and changing their makeup looks daily to suit their mood. It's about enjoying being who you are and celebrating it, not trying to change it," she says.
Gen Z marketing requires more than simply selling a product. Born between 1996 and 2010, this generation is value-conscious and drawn to brands that “keep it real.” They're creative, bold, and the creators of many trends on TikTok, Instagram Reels, and other platforms.