Beauty Industry Caters To Needs And Demands Of Millennial Consumers

Millennial women make up the biggest group of buyers for the $13 billion cosmetics market in the US. It is therefore imperative for the beauty industry, valued at $46.2 billion in 2015 and forecast to grow to $51.8 billion in 2020 by Mintel, to cater to the needs and demands of millennials. Millennials demand testing before buying a beauty product. In response, retailers and brands are installing in-store trial stations to help overcome consumers' distrusting and seeing-is-believing attitude. This strategy has helped beauty retailers Ulta and Sephora increase their 2015 sales by 41 percent and 32 percent, respectively, compared with sales in 2014.