Beauty Store Business

APR 2017

Beauty Store Business provides solutions for better retailing! New products, industry news, savvy business moves and important trends affecting both brick-and-mortar and online retailers are included in each issue.

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46 April 2017 | beautystorebusiness.com 10 things beauty retailers need to know about millennial shoppers—plus tips on how to capture their interest. by Manyesha Batist I f there were ever a generation that deserved your thoughtful planning, merchandising and product selection based on its sheer magnitude of population, shopping prowess and buy- ing power, it's the millennials. Born between 1982 and 2000, millennials have officially surpassed baby boomers as the largest generation, accounting for roughly 25 percent of the American population—about 80 million people, estimates the U.S. Census Bureau. Not only that, the millennial population is still growing, as immigrants continue to populate the United States. If that weren't sufficient to pique the interest of savvy retailers, experts estimate millennials will spend $200 billion annually by the end of 2017. A few things are clear about millennial beauty shoppers: They are smart spenders and knowledgeable shoppers who don't mind splurging when something excites them or is exactly what they're looking for. "Compared to older genera- tions, millennial households underspend their expected share across beauty as a whole. On the other hand, millennials spend 20 percent more than their fair share in haircare accessories and 14 percent more in cosmetics," explains Jordan Rost, vice president of consumer insights for Nielsen. In other words, they spend where it matters to them. fotostorm, gettyimages.com

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