New research from performance marketing agency Tinuiti offers insight into how the beauty industry continues to see growth, amidst the financial and economic challenges caused by COVID-19. The firm’s new survey generates a snapshot of current beauty spending and preferences—providing guidance for sellers not only through the current pandemic, but moving forward into 2021 and beyond.
The newly released study, 2020 Beauty Industry Trends Report, reveals valuable insights to help inform the marketing strategy of beauty brands. Key findings include:
- In 2020, nearly 54 percent of shoppers spend more than $25 per month—an 8 percent increase from 2019
- 6 in 10 customers use social media for beauty product inspiration with Facebook and Instagram leading the way
- When browsing and buying online, 49 percent of respondents prefer to use mobile devices—a 24 percent increase compared to 2019
- 63 percent of consumers say that brands need to do better when it comes to reflecting their customers’ unique beauty needs
“2020 is the year of the ‘Super Spenders’—we saw a 45 percent jump in shoppers who spend over $50 a month on beauty products,” said Dalton Dorné, chief marketing officer at Tinuiti, in a news release. “It may surprise people that men make up nearly 40 percent of this group. As this audience becomes increasingly diverse and valuable, beauty brands have an opportunity to evolve and connect with this audience in more meaningful ways.”
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The study also takes a deeper look into which sub-verticals are booming, where people are buying (online marketplaces vs. stores) and how they’re buying (for example, the rise in mobile browsing and subscription boxes).
In April, Tinuiti surveyed over 2,000 consumers aged 18-65 about their beauty shopping habits.