Skin Care Industry Analysis - US Millennial (Demographics)
The average millennial skincare product consumer is a 26-year-old woman with a bachelor's degree and an income of about $44,000.
- The average skincare consumer began using skincare products at age 26.
- According to Stella Rising, 28% of women under age 25 and 42% of women between the ages of 25 and 34 say they "regularly worry about signs of aging" and care about the effects of aging on their skin.
- Women between the ages of 18 and 34 are the "heaviest buyers and users of skincare" products.
- Additionally, 47% of women between the ages of 30 and 34 have tried injectibles for their skin and 20% of millennials consider plastic surgery to reverse the impact of aging.
- Women are the "heaviest buyers and users of skincare" products.
- While there is no information available on the average income of a millennial skincare product customer, the average income for a 26-year-old in the U.S. in 2019 was $43,940.47.
- Since the average age of a millennial skincare product customer is 26, it is assumed that this age would also have an average income of $43,940,47.
- This roughly aligns with the income level for niche cosmetics, mass cosmetics, and prestige cosmetics, which is between $30,000 and $39,999.
- Stephan Kanlian, head of a think tank at New York's Fashion Institute of Technology, stated, "I don't think that we've ever seen consumers, certainly in the beauty industry, at such a high level of education and sophistication," suggesting that skincare customers are highly educated.
- In a study of consumers between the ages of 18 to 34 and with an average age of 27.8 who were influenced to buy beauty products based on YouTube videos, 45% of respondents had a bachelor's degree and 29.3% had some college.
While the age and gender of millennial skincare product consumers were readily available in a slightly older publication (2017), the income and education levels were not. We began our search with official surveys that include statistics from sources such as Deloitte, Statista, NPD, and others, but all we found was data for older generations or for the cosmetics or beauty industries instead. Our search was expanded to media sources such as Forbes, CNN, Vogue, and more, but demographics for skincare customers remained elusive. We did find some hints in a CNN article of the education level, which was that beauty customers in general and skincare customers specifically have a high level of education, but this was not for millennials in particular. Due to the lack of information on skincare for income and education levels, we expanded our search to the beauty and cosmetics markets. In reading through Social Standards, we found that these two markets have similar demographics in terms of age and gender. Therefore, we felt comfortable using them as proxies for skin care products. The average income for 26-year-olds in the U.S. was also provided to show that the income for most millennial cosmetics customers is about the same as the income for people who are the average age of skin care customers.