#treatyoself has 4.3million posts on Instagram and the culture of self-gifting is widely accepted and promoted. We are seeing luxury products on the up while mass is bearing the brunt of the downturn, with mass makeup penetration dropping by 4% since 2014, whilst prestige makeup has increased by 2%.
This may have come as a result of our continually reducing repertoire of personal care products - this downward trend in usage seems to have prompted an increase in treating ourselves to better quality products. The new mantra being: ‘I don’t use as much, but when I do I’m willing to invest’.
Make it rein-deer
On average, about a fifth of us say that we like to spend when it comes to beauty products. Almost half of Brazilians claim to spend a lot on beauty, followed by just over a third of Germans. The French and the British are least likely to treat themselves. Those who splurge on beauty are more likely to be female, apart from in Germany where the men are 10% more likely than the women to admit to spending on themselves.
% of People Who Agree that they ‘Like to Spend Lots on Beauty Products’
You’re Sleighing It
Perhaps unsurprisingly it’s the millennials who are driving the spend trend on beauty. They are buying in to premiumisation in beauty categories.
Millennials are purchasing more expensive beauty products than they were previously, with average price up +0.7% this year, driving overall value growth at +4.4%, but to manage this they are purchasing less frequently. In fact, millennials are 57% more likely than total women to say they ‘like spending lots on beauty products’.
Have Your Elf a Merry Little Christmas
In an environment where being the brand of choice is becoming increasingly important, it is critical to understand who these consumers are and how to target them. Kantar Worldpanel Usage can advise on the path to growth for your brand in this increasingly competitive landscape. Kick-off 2019 with the insight you need to achieve your targets for the year.