In 2022, high-income Millennials and Gen X pushed the US beauty sector
We found some encouraging data from the US for Italian cosmetics and make-up manufacturers. In 2022, the highest-income US consumers (over $100,000) spent almost $9 billion on beauty products. US Beauty sales aimed at this target group increased by 14% in just one year.
Two factors stimulated the growth of the cosmetics industry in America: not only did regular customers spend more, but the total number of beauty consumers in the US market also increased -- a sign that the industry's popularity is experiencing an intergenerational domino effect.
Today, high-income consumers account for at least 40% of cosmetics companies' revenues due to their above-average purchase of make-up and skincare products: approximately 74% of women in America use skincare products and 67% purchase make-up products, while consumers with incomes over $100,000 (Millennials and Generation X) record over 80% usage.
Redefining the target audience to sell cosmetics in the US market
Why Generation X is the key to a successful US beauty business
Nowadays, with retail facing increasing economic pressures, beauty brands in America need to be strategically minded and identify which consumers are most willing to spend. For example, Generation X consumers are the only demographic that continues to purchase beauty products on a stable basis, unlike other generations who have reduced their use and purchase of creams, serums and make-up following new market trends. In the US, Gen X use almost as many cosmetic products as Millennials and are also more likely to buy high-end cosmetics, a good reason to start studying an effective Generation X marketing strategy.