A study looking into the skincare market shows that the youngest generation is spending the most on taking care of their skin, emphasizing the importance of providing affordable skincare products to everyone.
A study by Klarna (as reported in L’Officiel) highlights that out of the 15,000 consumers they surveyed, over two-fifths (41.4 per cent) said that skincare was at the top of their priorities and that Gen Z consume skin products the most even compared to previous generations.
There are a few reasons for this. Part of the reason is the rise of conscious consumerism; younger customers are far more aware of the impact of the products they buy and so will make purchasing decisions based more on ethical factors than cost considerations.
This is a more specific phenomenon than simply buying organic or natural products, as these terms are commonly used and ill-defined. They will go further into the background of products and the manufacturers to ensure that they are helping to fund positive business practices.
Along with this, Gen Z are more focused on the wellness and skincare aspects of the beauty industry, as well as exploring creative ways to use products and help boost their routine.
The last year in particular has been a time for experimentation with skin routines; with many people working or studying from home there is less of a negative impact if a skincare dalliance happens to go wrong.
This includes a wave of using even more products and experimenting, as well as the growing movement of skinimalism, where people opt instead to stick to a few high-quality skincare products.