Last week, Bank of America released a report examining the beauty purchasing habits of 1000 women from ages 18 through 29. The findings? Of the women surveyed, 80% said “value” and “product quality” were the most important factors when it came to buying beauty products. However, only 10% counted “saw on social media” and “brand is cool” as a determining factor for beauty purchases—surprising, considering our Instagram-obsessed generation. As for the actual brands that resonate best with millennials, some drugstore heavy hitters top the list: Covergirl was ranked first, followed by Maybelline and Neutrogena. Clinique and MAC, two midpriced brands, rounded out the top five, with luxury brands like Chanel and Nars landing near the bottom of the list. “It’s not just about the price; it’s about what you get for what you’re paying for,” Bank of America Merrill Lynch research analyst Olivia Tong told Today. “Millennials have to prioritise purchase with a desire to buy more, but have to be careful with what they’re spending.”
Three other surprising findings: Nails are something millennials still care about (over 50% of the women owned more than eight bottles of nail polish, with only 11% saying they never paint their nails), celebrity fragrances are dipping in popularity (T.Swift’s scent was the only one with more than 10 users in the study), and body mists—yes, body mists—seem to be more in favour than perfumes. Excuse us while we tweet about this.
If we had to pick our favourite product from the top three brands, they would be Covergirl’s Stay Luminous Foundation ($12), Maybelline’s Baby Lips ($5), and Neutrogena’s Triple Moisture Deep Recovery Hair Mask ($7).
Are you surprised by these findings? Head on over to Today.com to see the full list of 25 brands!