Report Reveals Gen Z is Leading the Self-Care Revolution
NEW YORK, April 22, 2024 -- 5WPR, one of the U.S.'s largest independently owned PR firms, reveals a 6% increase in consumer interest to splurge on beauty and personal care purchases in 2024 over the previous year. This marks the first time the category has entered the top five splurge categories in 5W's Consumer Culture Report history.
Among consumers aged 16 to 24, beauty and personal care rank in the top three splurge categories, with a majority expressing their interest in splurge (57%).
"We're noticing a growing emphasis on consumer interest in prioritizing self-care, particularly beauty and personal care. Leading this changing trend are Gen Z shoppers," said 5WPR Co-CEO Dara A. Busch. Despite being relatively new spenders, Gen Z is making a clear statement with their purchasing choices."
Looking back on 2023 spending, beauty, and personal care claimed the fifth spot among all categories in which consumers reported spending their disposable income (29%). For Gen Z shoppers, the category claimed the third spot where they spend most of their disposable income (41%), and looking ahead to 2024, the category also breaks the top three categories where they will continue to spend (32%).
"While splurging does not equate to consistent spending, we have observed a trend in which consumers seemingly underestimate how much they intend to spend on beauty and personal care when predicting for the year ahead," added Busch. This underscores the importance of consistent and targeted messaging for brands across the beauty industry. Integrating your brand into consumers' daily lives is a surefire way to build long-lasting consumer relationships that endure industry trends."
The research was conducted by Censuswide, an independent market research consultancy, using a nationally representative sample of 2,005 US consumers between November 28th and 30th, 2023. Censuswide is a member of the British Polling Council and abides by and employs members of the Market Research Society. All survey panelists are double-opted-in, in line with the MRS code of conduct and ESOMAR standards.
