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Selfie generation: Refashioning make-up market
The global make-up industry grew by a record 8.4% in 2016 and was the main growth driver for the cosmetics market worldwide. The range of make-up products is endless, and some product categories, in particular those highly popular with the generation of Millennials, (i.e. concealers, illuminating highlighters, lipsticks) are booming. These hyper-connected customers are young, have a strong purchasing power, new ideas about beauty, and are also very keen to spend money on beauty products.
While clothing and department stores are increasingly closing their physical locations, not being able to adapt quickly enough, make-up stores have so far managed to ride the Millennial wave and keep drawing customers to their brick and mortar outlets. Amid the “retail apocalypse” beauty retailers are apparently getting a boost from the trend for personal make-overs and for ‘selfie-ready’ products, as shoppers are emulating the looks they see on social media platforms. As a result of their influence, social media is reshaping consumer behavior and their buying decisions.
Major make-up brands have been shaken by the changing purchasing approach of the new hyper-connected customers. Millennials have clearly become a priority target for the brands worldwide and all players are forced to review their strategies in order to win them over. A cosmetics brand can become the go-to make-up haven by word-of-mouth but it also means it cannot afford to put a foot wrong.