When it comes to buying cosmetics, the Millennial generation is among the most prolific shoppers. Their choice of color, style, price, and lifestyle are key factors in determining which products they buy. However, the majority of consumers are also influenced by social status and price. Listed below are some of the reasons why Millennial women buy cosmetics. They’re also the most influenced by the sales prices of different brands and products.
Millennial women are the heaviest buyers of cosmetics
Millennial women are the most prolific buyers of beauty products. In fact, they account for twice as many heavy consumers as older women. They spend an average of $103 on beauty products per year. The fastest-growing retail channel for cosmetics is specialty beauty stores. Sales of beauty products in these stores rose 19 percent and regular purchases rose 2%. The reason for the growth of this market segment is clear.
The rise of blogging and YouTube has had a major impact on how brands communicate with consumers. Millennials often turn to YouTube or blog reviews to decide whether to buy a certain product. However, there is more than enough competition to appeal to millennial women. While established brands like L’Oreal, Revlon, and Maybelline have long held their position as the heavyweights of the beauty industry, indie brands like Urban Decay are quickly gaining popularity and favorability.
They’re also influenced by social status
In a recent study, the respondents to a survey conducted by the TABS Foundation indicated that purchasing of cosmetics is correlated with higher income. Among those earning $125,000 or more, 39 percent purchased a large amount of cosmetics. However, the same study showed that the buying habits of the highest-income groups were on a decline. Buying cosmetics is influenced by socio-economic status as well as personal factors, such as gender, age, occupation and stage of life.
The study found that most consumers buy cosmetics based on price and brand quality. The survey respondents regarded the availability of the product at various distribution channels, including supermarkets and beauty stores. They also considered the nearest store when there was a stock-out. They would then wait until the stocks were restocked, but they would not settle for a cheaper product. In addition, most respondents considered social status when buying cosmetics, including whether they had the money to spend on high-end products.
They’re also influenced by price
The study found that the income and occupation level of respondents influenced their purchasing decisions. Income and occupation status play a role in the affordability and attitude to money of consumers. People with the same income level and occupation status have similar tastes in cosmetics and leisure activities. Buying cosmetics from the USIU – A group is based on the perception that it represents a status symbol. While some respondents would wait for the products to be restocked or settle for cheaper substitutes, the majority of these buyers value quality and value for money.
In addition to price, social media has a powerful influence on how consumers choose to shop. Social media, such as Twitter, Facebook, and YouTube, are important resources for millennial consumers. Many Chinese consumers learn about products and brands through social media, which may influence their purchase decisions. In addition to social media, beauty blogs and videos on YouTube play an important role in influencing consumer decisions. Consumers in the US are also more likely to spend money on cosmetics than their counterparts in China.
They’re also influenced by design
A recent study found that many consumers were price conscious but were equally concerned with product quality and availability. This resulted in shoppers weighing the various distribution channels, such as beauty stores, supermarkets and online retailers, in order to find the best price and the best cosmetic product. Moreover, respondents tended to consider how convenient it is to buy the product they want and how far the store is from their home. They also paid attention to availability and avoided purchasing stock-out products or settling for a substitute.