Almost three-quarters (74%) of U.S. respondents agree that affordable cosmetics are just as effective as luxury products, according to a Mintel survey, and this trend is highlighted by an increase in social media posts highlighting how effective cosmetics brands are. It does a job as good as some of the highest end brands.
In support of this, the study found that around a third of consumers in the 18 to 34 age group “suck it” due to favorable content favoring cheaper brands on social media. The survey also shows that some respondents said they had purchased one.
A culture of deception caused by a decline in purchasing power
“As consumer confidence continues to slump, social media plays a big role in the continuing cost-conscious shopping behavior, such as the popularity of ducks. This is especially true for younger consumer groups who are more likely to be influenced by and find inspiration from social media,” said Joan Lee, Senior Beauty and Personal Care Analyst at Mintel. I am.
“While the ‘lipstick effect’ in which color cosmetics are seen as an affordable luxury in times of economic uncertainty has protected the category from the threat of discretionary spending due to high inflation, looking ahead, the color cosmetics market is expected to be flat, our research shows, driven by headwinds from continued price-cutting behavior, the prevalence of work-from-home and hybrid lifestyles, and competitive growth in beauty-adjacent categories such as ingestibles and skin care. We expect growth to slow.”
This is also underlined by Mintel data showing that people are using less makeup, with 35% of respondents saying they use less makeup than they did a year ago. , only 25% said they used more makeup.
Value is the driving force
However, Mintel’s data also reveals that perceptions of value in the makeup category are mixed, with 41% of respondents saying they prefer to buy premium products regardless of price.
All of this is playing out against the backdrop of a category that is experiencing strong growth in value, but not volume. The U.S. color cosmetics category is expected to grow 10% in 2023, but this number will slow when accounting for inflation. Its growth rate is expected to decline significantly over the next five years, increasing by just 9% over this period.
In fact, Lee believes that budget is one of the biggest factors in purchasing decisions in the current climate where the cost of living crisis is impacting the purchasing power of many consumers.
The percentage of men using makeup is still increasing.
Despite the challenges facing the category, male makeup users seem to be reversing the overall trend in the category. According to Mintel survey data, 43% of male users say they wear makeup, and 2 in 5 girlfriends say they use makeup to relieve stress or relax.
“Our research shows that men’s appearance concerns center around complexion and blemishes, which is why they prefer facial cosmetics more than other segments.” said Lee.
“The fact that makeup appeals to men emotionally and mentally means brands need to balance external benefits, such as physical appearance, with internal benefits, such as self-care, when reaching this demographic. Since men are most likely to be attracted to that subcategory, brands in this space could also succeed by emphasizing the feel-good feel of makeup, especially with facial products.”
Focus on young consumers with sensitive skin
While U.S. consumers report wearing less makeup, younger consumers also cite skin concerns as a reason to wear less makeup, with 42% of women ages 18-34 cutting back on makeup use. They cited skin health concerns as the reason.
“Given fewer opportunities outside the home that encourage the use of colored cosmetics, Americans aged 18 to 34 are likely to continue their makeup routine every other day or every week; Demonstrates a “flexitarian” approach. It is considered more convenient and healthy for the skin. ”said Lee.
“As the health and wellness industry expands to include mental health and skin health, consumers will increasingly demand that beauty brands clearly communicate the role they play within the evolving industry. I guess.”
