Wonder

Research Outline

Prepared for Amanda K. | Delivered January 2, 2020

Skin Care Industry Analysis - US Millennial Psychographics

Goals

To find 3-5 high-level statements about US millennials' psychographics/attitudes and behaviors as skincare product consumers along with relevant statistics. Statistics indicating millennials' attitudes specifically towards CBD skincare products/cosmetics would be a plus. The research will be used to build a go-to-market strategy for an anti-aging skincare brand. 

Early Findings

Buying Habits and PreferencesNatural, Organic, and Environment-Friendly ProductsAccording to a 2017 survey, 43% millennials in the US look for "natural ingredients when purchasing skin care products.
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A report by Coresight Research also indicates that US millennials are more inclined towards natural and organic cosmetic products. 
The 2019 Natural and Sustainable Skincare Insights study by Compose[d] indicates that 73% of millennials look for skincare products that are manufactured using methods with the least environmental impacts. However, 56% of millennials reported that they want to buy natural products but are unaware of any worth purchasing natural skincare products. 
According to this study, millennials also acknowledged looking for skin care products with labels such as "all natural, paraben free, not tested on animals, cruelty-free, and sulfate free before purchasing." 
 Linkage’s 2019 study also indicates that millennials want to buy organic (34%), sustainable (39%), plant-based (42%), Gluten-free (33%) and/or Vegan (34%) skin care products.
AlixPartners' Health and Wellness Survey 2018 also found that millennials aged 18 to 34 prefer beauty and personal care products that contain "organic or natural ingredients and are sourced and manufactured following ethical and environmental standards." However, this survey focused on respondents from the US, UK, China, France, and Germany as well. 
CBD ProductsAs per Linkage’s 2019 study of US beauty consumers, CBD is one of the trending ingredients in skin care products among the millennials. 48% of millennials revealed that they want to buy skin care products with CBD while 18% said they already buy skin products that contain CBD. 
Purchase Drivers According to Coresight Research, millennials consider price and brand trust while purchasing beauty products. They are also conscious of ethics and social responsibility of the beauty companies they buy from. 
 Internet and social media play a significant role in the buying decisions of millennials. In fact, 37% of millennials are more likely to "trust a beauty brand or buy a beauty product if a trusted influencer posts about it."
Preferred Shopping DestinationsWhile millennials look up beauty products online and on social media, a majority of them prefer buying in stores. According to Prosper Insights & Analytics, millennials’ most-preferred shopping destinations for cosmetics and skincare products are Walmart and Target. 
PROPRIETARY DATABASE SEARCH RESULTS
In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address the stated goals. 