Gen Z buyers of beauty and skincare products are particularly drawn to brands because of their cost (48%), samples (46%), and sustainability (44%), according to Bolt.
Pricing has a greater influence on older consumers, as stated by 61% of those aged 18 and over.
According to Bolt, Gen Z will make up 20% of the US population this year, accounting for 35% of US purchasing power.
According to a report by Insider Intelligence/eMarketer, although they are typically regarded as a socially conscious generation with a preference for ethical, environmental, and diverse companies, Gen Zers are also frugal.
As living expenses rise and federal student loan payments resume, Gen Zers may adopt more conservative buying habits and gravitate toward discount and value-oriented stores.
According to Insider Intelligence, US cosmetics, and beauty sales will climb 10.1% this year, more than tripling the 2.9% growth rate of the larger retail sector.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon
