ESW study stresses how Millennial and Gen Z’s curiosity is determined by value

ESW study stresses how Millennial and Gen Z s curiosity is determined by value

CosmeticsDesign-USA (CDU) spoke to ESW’s VP of Sales, Beauty, Wellness & Lifestyle Brands, Clarissa Schealer (CS), who shared some of the insights from its Global Voices Consumer survey, which posed questions to consumers in 16 countries to determine what measures beauty consumers will go to in order to stretch their spend.

CDU: What is the potential impact of these findings on global manufacturers and suppliers to the cosmetics and personal beauty care industries?  

CS: Gen Z and Millennial shoppers are savvy. They are not afraid to shop cross-border to get quality products at a reasonable price. Just like the generations before, today’s consumers shop across brands, having everything from drug store mascara to luxury lipsticks and fragrances in their bag. However, these shoppers now make purchases across regions – they may go to Korea for skincare, France for their lipstick and the U.S. for their glowy blush. They aren’t afraid to pay a higher price for something scarce or special but are willing to wait for deals on certain products. 

Consumers also demand and value authenticity, whether it is sticking to what your brand is most known for, making sure that the products are clean, that you have sustainable and inclusive business practices, or that you simply speak to your consumers in their preferred language. It’s clear that shoppers will pick and choose products rather than be loyal to a brand, so authenticity of some form or the other is the universal why for shoppers. 

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