NIQ, World Data Lab, and SPATE launch "Beauty Futures" Report - A guide to generational journeys of global beauty buyers
Comprehensive report reveals generational beauty spending trends and preferencesMillennials drive the highest growth at US$193 Billion overtaking Gen X by 2034Gen X lead beauty spending in 2024, with an expected $150B increase over the next decade
NielsenIQ (NIQ) collaborated with World Data Lab and SPATE to release a comprehensive generational report purely focused on the beauty market in the next decade.
The report reveals key insights into generational preferences, spending habits, values, priorities, motivators, shopping behaviors, and their influence on global beauty trends. It highlights the crucial role each generation will play in shaping consumer preferences and spending over the next decade.
Millennials will be at the helm of this trend by driving nearly half of global beauty spend at US$ 193 Billion with Gen Z coming a close second at US$ 158 Billion. The global beauty industry is seeing unprecedented growth at US$ 1.1 Trillion, with a projected growth of US$ 700 Billion by 2034, of which Asia will be contributing US$ 310 Billion.
Commenting on the findings, Claire Marty, Vice President, NIQ Beauty, said“At NIQ, we recognize that understanding generational differences is key to navigating the evolving beauty industry. This is an opportunity for companies to move beyond “one size fits all” approach and tailor their strategies for each generation. Our consumer trends and sales data will help beauty brands uncover unmet needs, understand consumer values, and navigate the retail landscape."
Top beauty takeaways across generations:
Millennials to dominate the beauty industry in the next decade:
- Millennials, born between 1977 - 1995 will be leading global beauty market growth in the next 10 years and will surpass Gen X as the dominant force in beauty spending in 2034, representing 24% of spending globally.
- Millennial spending growth on skin and hair care in 2024 outpaces the total market in both the United States and rest of world. More than half of millennials (56%) think about their looks most of the time and are most likely to use natural ingredients or food products as substitutes in their beauty routine.
- Millennials spending on beauty services will grow the most by 2034. Europe is leading this trend with 57% of millennials in Europe spending their beauty budgets on beauty services, and only 6% on make-up, in comparison to millennials in North America where makeup represents 11% of spending.
- Millennials are influenced by TikTok trends with #makeupover30 being the top TikTok hashtag, growing at 194.9% YoY to reflect the search for tips and products specific to their age concerns and needs. As an example, TikTok searches put the spotlight on an increasing interest in Beef Tallow usage for skin care routines with 14.1M avg weekly views.
Gen X are the biggest beauty spenders:
- Gen X, born between 1965-1980 is the most valuable generation to beauty spending in 2024 until 2034, growing spend by $150B in the next 10 years. North America and Asia Pacific will drive over half of Gen X growth with China’s middle class and India’s wealthy as key contributors.
- Gen X are heavily engaged across beauty – with higher penetration than the total population in 80% of beauty categories analyzed. Skin care as a category will see the fastest growth in the next 10 years – growing at 4.9% YoY ($26.8B).
- Convenience comes first as Gen X’s channel choice, and they are likely to shop in all-in-one locations like Amazon and Hypermarkets.
- Gen X’s TikTok views on makeup has grown to 53% with #over40makeup becoming a popular hashtag (6.9 M views) in 2024. Products such as the Guide Beauty Wand for consumers who deal with shaky hands are seeing traction among some Gen X creators on TikTok.
“We project that for the first time ever the global beauty sector is now exceeding US$ 1 trillion,” said Wolfgang Fengler, CEO of World Data Lab, “which is a testimony to consumers of all ages and all countries’ desire to use cosmetics and beauty services.”
“Understanding digital trends on platforms like TikTok and Google Search is essential for brands to stay ahead, as it reveals real-time shifts in consumer interests and needs across generations,” said Yarden Horwitz, Co-founder, SPATE.
With Millennials and Gen Z prioritizing health and the environment, they are looking at different aspects of sustainability in beauty products. Millennials are likely to choose a product or service because of its low or zero impact on the environment (+3.2 pts), while Gen Z purchases a product that values social equality or supports communities at risk or minorities (+1.2 pts).
The Beauty Futures report – a guide to generational journey of global beauty buyers, is NIQ’s flagship report providing a comprehensive view of global beauty consumers. The report covers:
- Projections for the next 10 years of the global beauty industry.
- Key drivers of purchase behavior for all generations.
- Emerging beauty trends from Google and TikTok.
If you want a copy, please click here.
About NIQ
NielsenIQ (NIQ) is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. NIQ combined with GfK in 2023, bringing together the two industry leaders with unparalleled global reach. Today NIQ has operations in more than 95 countries covering 97% of GDP. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full ViewTM.
About World Data Lab
World Data Lab creates forward looking proprietary data to quantify and forecast consumer trends, consumer spending, demographic shifts and progress towards the SDGs up to 2034. Our advanced data science approach, which has been peer-reviewed and published in Nature, delivers unrivalled accuracy, freshness and consistency across all demographic groups in 180 countries and more than 6,000 cities.
About SPATE
Spate is an AI-powered market research platform that analyzes over 20 billion search signals and 60 million TikTok videos worldwide, offering brands insights into the evolving landscape of consumer trends. Through Spate's data, brands will better understand the fast-paced world of beauty with key notable age-related shifts, such as the growing interest in mature skin makeup across Google Search and TikTok.
Disclaimer: All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241209875192/en/
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Eurobank Collaborates with LTIMindtree for a Multi-Year Banking Technology Program17.2.2025 09:30:00 CET | Press release
Cements relationship with the opening of Global Delivery Center in Pune, India Eurobank S.A. (“Eurobank”), a subsidiary of “Eurobank Ergasias Services and Holdings S.A.” (“Eurobank Holdings”) a leading banking group in Athens, Greece and LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, have joined forces to initiate a multi-year mutually beneficial cooperation focused on enhancing customer experience by improving banking operations and building innovative IT services for Eurobank and its subsidiaries. The collaboration has been enabled by Fairfax Digital Services (A Fairfax Company) andwill include the establishment of a Global Delivery Center in India. Global Delivery Center, Pune – Executing a shared vision Strengthening the commitment to innovation, customer experience, and excellence in banking technology, Eurobank & LTIMindtree, powered by Fairfax Digital Services, officially inaugurated their new Global Delivery Center at the LTI
ATP Media Selects SES for Tennis Content Delivery Worldwide17.2.2025 08:50:00 CET | Press release
SES SCORE platform and hybrid distribution to power broadcasts of 58 ATP tournaments that reach a billion global fans through 70+ broadcast partners SES announced today a new agreement to deliver and manage video content for ATP Tour events around the world using Secure Reliable Transport (SRT) and its unique Sports Content Orchestration Enabler (SES SCORE) platform enabled by SES’s hybrid IP, fibre and satellite distribution network. With more than 200,000 hours of live content per year from 3,200 tennis matches across various ATP Masters 1000, ATP 500 and ATP 250 tournaments, SES SCORE gives ATP Media an easy-to-use, centralized platform to manage and deliver its content. ATP Media’s 70+ broadcast partners can select from a variety of video feeds, audio, metadata and other content when creating their broadcasts with a simplified booking process. “We wanted to give our broadcast partners unrestricted access to up to 10 Court Feeds we produce at our ATP Masters 1000 tournaments, as wel
Textron Aviation to Open New Service Facility at Essendon Fields Airport, Expanding Capabilities in Australia17.2.2025 06:00:00 CET | Press release
Textron Aviation announced today an expansion of its footprint in Australia with the construction of a larger and modernized service facility at Essendon Fields Airport in Melbourne to maximize support for Cessna, Beechcraft and Hawker customers in the region. The new facility will add more space for servicing aircraft, aiding in faster scheduling with minimal down time to keep customers flying. Construction is set to begin March 2025 and Textron Aviation expects to be fully functional in the new facility by early 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250213028444/en/ L-R: Stefan Wenger, vice president, International Customer Service Centers, Textron Aviation, Brian Rohloff, senior vice president, Global Customer Support, Textron Aviation, Brendan Pihan, CEO, Essendon Fields Airport, Peter Funder, general manager development, Essendon Fields Airport at the new facility site in Melbourne. (Photo: Craig Moodie)
Samsung Bioepis Gains European Commission (EC) Approval for Denosumab Biosimilar (OBODENCE™, XBRYK™)16.2.2025 00:00:00 CET | Press release
OBODENCE™ and XBRYK™ approved by the European Commission (EC) for all indications referencing Prolia and Xgeva, respectivelyMarks Samsung Bioepis’ 10th and 11th product and first endocrinology treatment approved by the EC – adding to its growing portfolio of biosimilars Samsung Bioepis Co., Ltd. today announced that the European Commission (EC) has granted marketing authorization for OBODENCE™ (60mg pre-filled syringe) and XBRYK™ (120mg vial), denosumab biosimilars referencing Prolia and Xgeva – formerly referred to as SB16. OBODENCE, referencing Prolia, has been approved for the treatment of osteoporosis in postmenopausal women and in men at increased risk of fractures, treatment of bone loss associated with hormone ablation in men with prostate cancer at increased risk of fractures, and treatment of bone loss associated with long-term systemic glucocorticoid therapy in adult patients at increased risk of fracture. XBRYK, referencing Xgeva, has been approved for the prevention of skel
U.S. FDA Grants Full Approval of Deciphera’s ROMVIMZA™ (vimseltinib) for the Treatment of Symptomatic Tenosynovial Giant Cell Tumor (TGCT)15.2.2025 00:50:00 CET | Press release
In the MOTION Phase 3 study, ROMVIMZA met primary endpoint of improved objective response rate (ORR) compared to placebo and all key secondary endpoints with statistically significant and clinically meaningful improvements in quality-of-life measures, and demonstrated well-tolerated safety profile Ono Pharmaceutical Co., Ltd. (Headquarters: Osaka, Japan; President: Toichi Takino; “Ono”) announced that the U.S. Food and Drug Administration (FDA) has approved ROMVIMZA™ (vimseltinib), a kinase inhibitor, for adult patients with symptomatic tenosynovial giant cell tumor (TGCT) for which surgical resection will potentially cause worsening functional limitation or severe morbidity. The FDA previously granted Fast Track designation and Priority Review for ROMVIMZA, which was developed by Deciphera Pharmaceuticals, Inc. (“Deciphera”), a wholly owned subsidiary of Ono. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250214768549/en/ “
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom