05 - 06 June 2024 in Munich CosmeticBusiness



23/02/2024 CosmeticBusiness

Millennials Capture the Cosmetics Market

New Study Sees Profitable Times Ahead in the Teenage Personal Care Segment

Demand for cosmetics and personal care products is increasing among millennials. This means teenagers are becoming ever more relevant as a target group. In a recent market study, Technavio predicted an average annual growth of 7.03 per cent in personal care products for teenagers over the next four years. By 2028, the researchers expect a market value of 12.27 billion US dollars.

Trend 1: Hair Care Is a Significant Topic for Millennials

The growing interest in fashionable hairstyles is leading to increased demand for hair care and styling products in this age group, the market researchers say. The group shows a particular preference for products that are free of silicone and chemicals. Especially in Japan, there is considerable demand for high-quality serums and organic hair dyes.

Trend 2: Constant Innovation Is the Best Way to Target Teens

Focusing solely on products for female consumers when it comes to product innovation is a thing of the past. The market researchers see an increased demand for male grooming products, especially in the younger target groups. Female consumers can best be reached with improved concepts such as multi-functional care products or cosmeceuticals.

Trend 3: Online Surpasses All Other Channels

The most significant growth in teen cosmetics will be seen in e-commerce, say the analysts. This is due both to the comfort of shopping from home and the opportunity to compare prices and see product reviews. Nevertheless, the analysts also expect the offline segment to continue growing during the forecast period, thus maintaining its dominant role.

Source: Technavio

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