Major consumers of beauty products worldwide 2018 | Statista (2024)

FAQs

Major consumers of beauty products worldwide 2018 | Statista? ›

In 2018, United States was the leading consumer of beauty products worldwide based on value. The consumption value of beauty products in the U.S. amounted to about 89.71 billion U.S. dollars in that year.

The millennial impact

Millennials report the highest amount of online beauty spending, with nearly a quarter (24.4%) of the generation spending $1,000 or more in the last year, per our The US Beauty Consumer report.

What demographic buys the most beauty products? Millennial women (aged 25-44) buy the most – 38% of beauty products, followed by women aged 45-54 who buy 18%.

The target markets in the cosmetic business vary, but they often include women and men of different age groups who are interested in enhancing their appearance. Additionally, specific products may target demographics based on factors like skin type, concerns (e.g., anti-aging, acne), and cultural preferences.

The target market for beauty products refers to the customer segments that can buy the products. Age, gender, preferences, market trends, requirements, and other factors determine the target audience for beauty products. Before developing a product, a beauty brand has to consider these things.

Millennials (ages 27 to 42) are the most likely to shell out for beauty, spending an average of $2,670 a year on beauty products. That's followed by: Gen Zers (ages 18 to 26) ($2,048)

Skincare splurge

A recent study by Statista found that over a third of Gen Z participants spend on average between $21 and $50 on a single skincare product. The study also found that Gen Z is the top consumer of skincare products of all generations that participated, leading Millennials, Gen X and Baby Boomers.

L'Oréal is the leading beauty products company with over $40 billion in global sales (Statista) L'Oréal remains the top player in the beauty industry, with around $18 billion more in sales than second-place Unilever.

In the mass market, makeup and skincare were the only two categories to grow based on units sold. Within prestige makeup, lip makeup was the strongest performer, growing at twice the rate of the overall category, up 31%, led primarily by products such as tinted lip oils and balms.

Demographic segmentation involves dividing your target market based on various demographic factors such as age, gender, income, education level, and occupation. For example, if you are selling luxury skincare products, your target audience might be women in the age group of 30-50 with a higher income level.

What is the global market for cosmetics? ›

The global cosmetics market size was valued at USD 374.18 billion in 2023 and is projected to grow from USD 393.75 billion in 2024 to USD 758.05 billion by 2032, exhibiting a CAGR of 9.8% during the forecast period. Cosmetics are beauty & personal care products used for skin cleansing and beautification purposes.

Women aged 18-45: This is a broad demographic that may be interested in makeup products. You can further refine this audience by targeting based on specific interests related to beauty or makeup.

Background: Female patients are the traditional focus for skin care product research and development. This is because females are an easier test population, females are more skin involved than males, and females purchase more products than males.

Worldwide, the biggest markets for the skincare industry in 2022 , regarding total generated revenues, were the United States, Japan, China, India and South Korea. The United States, China and India are part of this ranking thanks to their substantial population.

Majority of Ultas are in shopping centers and are close by to other stores. The typical customer is women between the ages 16 and 25. Around 57% of their shoppers are considered “beauty enthusiasts”. To serve these types of customers, they offer 25,000 products from over 600 established or emerging beauty brands.

Consumers are becoming increasingly concerned about the ingredients in their beauty products and are looking for products that are better for their health and the environment. This trend is influencing consumer behavior and driving demand for clean beauty products.

It was just recently, for example, that brands could focus their footprints on the industry's two top countries: China and the United States. Both countries will remain mighty forces for the industry, with the beauty market expected to reach $96 billion in China and $114 billion in North America by 2027 (Exhibit 3).

Global leading beauty consuming countries 2018

In 2018, United States was the leading consumer of beauty products worldwide based on value. The consumption value of beauty products in the U.S. amounted to about 89.71 billion U.S. dollars in that year.