Generation X: The New Powerhouse of the Beauty Industry
Generation X consumers are now the driving force behind the beauty industry. Households with Gen X members account for a staggering 44% of the total dollars spent on beauty products in the past year. This new data, released today, comes from market research firm Circana.
Those born between 1965 and 1980, known as Generation X, currently contribute to approximately 25% of total spending on both beauty products and services. Skincare has emerged as their top category. Industry analysts predict that the Gen X beauty market will grow to 1.3 times its current size in the next five years. This represents significant opportunities for manufacturers and retailers.
Major beauty retailers are taking notice. Ulta CEO Kecia Steelman recently told Yahoo Finance that catering to older generations is now part of the company’s core business strategy. She noted that “50 is the new 30 and 60 is the new 40s.” Sephora confirmed to CNBC that it is actively investing in broadening its brand assortment for the high-spending Gen X demographic. They are expanding partnerships with brands like YSE Beauty by Molly Sims, Sarah Creal, and U Beauty.
According to NielsenIQ beauty thought leader Anna Mayo, Gen X’s spending power is nearly 25% above the national average. The growth is driven by the generation’s financial stability, strong brand loyalty, and increasing focus on anti-aging and longevity products that deliver long-term results.
Source: CNBC