Gen Z beauty buyers are price-conscious, but less so than older consumers

For more insights and key statistics on the biggest trends in today’s most disruptive industries, subscribe to our Chart of the Day newsletter.

Key stat: Gen Z consumers of beauty and skincare products are most attracted to brands for their pricing (48%), samples (46%), and sustainability (44%), according to Bolt. Pricing is a bigger influence for older consumers, cited by 61% of those ages 18 and older.

Beyond the chart:

• Gen Z will represent 20% of the US population this year, per the US Census Bureau, but it makes up 35% of US purchasing power, according to Bolt. Although they’re often considered a socially conscious generation, prioritizing ethical, sustainable, and diversity-focused brands, Gen Zers are also on a budget.
• Amid rising costs of living and the return of federal student loan payments, Gen Zers may adopt more conservative spending habits and gravitate toward discount and value-oriented retailers.
• We forecast US cosmetics and beauty sales will grow 10.1% this year, more than triple the broader retail market’s 2.9% growth rate.

Use this chart:

• Devise promotional strategies that incorporate discounts and deals.
• Develop brand messaging that speaks to Gen Z.

More like this:

• 5 charts that make up beauty ecommerce
• How and where CPG customers start their shopping journey
• What marketers should know about why Gen Z shops
• 5 charts showing D2C’s shift toward established brands

More Chart of the Day:

• 7/5 - Making ad-justments
• 7/3 - Summer inflation
• 6/30 - CTV gains on mobile
• 6/29 - Beauty and the bucks
• 6/28 - Corner the marketplace

Methodology: Data is from a May 2023 Bolt report titled "The future of beauty ecommerce: customer identity." 1,038 US adults ages 18+ who have shopped for a beauty and/or skincare product online within the past 6 months were surveyed online by YouGov during May 15-17, 2023. The figures are weighted and are representative of all US adults ages 18+.