Millenials and GenX drive beauty market growth
3' min read
3' min read
The beauty industry is worth $1.1 trillion, with a forecast to reach $1.8 trillion by 2034 globally, driven by Millennials and GenX. This is according to the report "Beauty futures: a guide to the generational journey of global beauty buyers" by NielsenIQ (NIQ), together with World Data Lab and SPATE.
Figures that herald a sustained growth rate in the trend of a sector that is proving to be increasingly important within global spending. In fact, beauty is currently worth 1.8% worldwide, a figure that is growing at 2% in Italy.
The current picture shows that Italian consumers spent $471 per capita in 2024, a figure higher than Spain ($451) but lower than France ($507), the UK ($537) and Germany ($552). Furthermore, NielsenIQ's GfK Sinottica system reported that, again in Italy, spending on cosmetics increased between 2014 and 2024, with a significant preference for natural, sustainable and high-quality products. In 2024, more than half of Italians consider body shaming an important issue and there is interest in companies carrying out awareness campaigns and body positivity initiatives. GfK Sinottica data shows that 65% of online buyers of beauty products are women, in general 56% work, and on average they are more educated (+58% vs. average population) and have a higher income (+55% vs. population), while one consumer out of two checks the composition on cosmetic labels.
If, to date, members of the GenX (born between 1964 and 1980) have been the consumers who have invested the most in beauty products and services, in 10 years' time it will be the Millennials who will drive spending and contribute the most to the growth of the sector, with total purchases in the decade amounting to USD 193 billion. Seventy per cent of both GenX buyers and Millennials say that feeling good about themselves and looking their best are the reasons for investing in this sector. This explains why, internationally, Millennials and GenX choose mainly beauty services - with an average of 54% for Millennials and 56% of GenX - and skincare products - 14% and 15% respectively
