New Research Confirms Millennials are the Group for Premium Beauty to Watch
Exclusive research from this year's Premium Market Report, which launches today, confirms that Millennials are extremely influential within the premium beauty market.
Our survey into consumers’ premium beauty buying habits, carried out by YouGov for the Premium Market Report 2015, reveals that millennials (women aged 18-30) are a key demographic group who expect a different shopping experience to women in older age groups.
The data shows that women aged 18-30 are:
Millennials buy widely across the beauty spectrum, mixing and matching between mass and premium brands. They are hard to reach through traditional media, but are avid users of social media and especially like to learn about beauty through influential vloggers.
More specifically, the latest Premium Market Report research data shows that women aged 18-30 are:
Twice as likely to browse websites for premium beauty before they buy
Twice as likely to try a product that has been recommended online
BUT are:
Less likely to check out products in the shops before going online (which is an important trend amongst other age groups)
Millennials represent the next generation of premium beauty customer. But if brands are going to woo them, they will need to take a different approach to that used to build loyalty with their current generation of customers.
As a group, Millennials are defined as tech savvy, incredibly social and of having a deep mistrust of large corporations. For premium beauty brands to connect with this potentially profitable group, a greater emphasis on their use of social technology and building relationships with influential online commentators will be key.
The Premium Market Report 2015 looks at why brands are failing to tap the potential profits millennials offer and what they can do to better connect with them.
The full research findings can be found in the Premium Market Report 2015.
Other important themes examined in this year’s Premium Market Report include:
Premium beauty vs the mass market – how premium beauty businesses can re-establish their value proposition and pull away from mass market beauty.
Customisation vs personalisation – two opposing but complementary trends that have yet to be fully exploited by premium beauty brands and retailers.
Fragrance in decline – while make-up continues to climb and skincare flattens, discover recommendations on how to reinvigorate the flagging fragrance market.
Now in its 23rd year, the Premium Market Report helps senior decision makers from the beauty industry to follow the right trends, produce profitable products and validate their most important strategic decisions.
About The Premium Market Report
The Premium Market Report 2015 investigates the latest trends and consumer buying behaviour within the premium make-up, skincare and fragrance markets.
As well as the complete report, individual sections and bundles are also available, as follows:
1. The Premium Market Overview & Future Report
2. The Economic Overview
3. The Premium Skincare Report
4. The Premium Make-up Report
5. The Fine Fragrance Report
6. The Retail and Online Report
7. The Premium Beauty Consumer Insight Report
8. Key Company Initiatives Report
9. The Premium Market Report Bundle {The Premium Market Overview + Future; Retail and Online; Premium Beauty Consumer Insights}
The report can be purchased at www.imogenmatthews.co.uk/pmr2015.