In its new report, ‘The Impact of Millennials’ Consumer Behaviour on Global Markets’, the international market research firm states that a personalised, immersive shopping experience is key for the demographic, which is swayed by innovations like try-on technology, skin analysis and mirror apps.
“Personalisation and interactivity is important in beauty care for millennials, with a rash of digital solutions emerging to appeal to their need for individual solutions,” says the firm.
Developed vs developing
In developed markets, millennials’ spending is largely focused on value-for-money products, with “fun Korean brands” often coming out on top within cosmetics, Euromonitor states.
This is true across genders, with millennial men caring much more about their appearance than previous generations, and, via the internet, having access to more advice through blogs, YouTube and forums.
While consumers in developed regions are keen on consumption of lower-end goods, the opposite holds true in developing markets, according to the report.
Millennials within these regions, such as Brazil and India, are more likely to adopt prestige beauty brands, with established names remaining well-respected.
In-store and online
An immersive experience is key for young consumers, both in terms of the products themselves and the retail experience as a whole.
Euromonitor suggests millennials seek out “a curated but interactive sales environment, whether retail or online.”
Apps, kiosks and novelty physical retail spaces have been increasingly prevalent within the beauty industry in the previous few years, and with the rise of Millennials, it looks like these are set to become even more central to cosmetics retail.