Purpose and value in beauty products are Millennials priorities
Besides applying ethical business practices, many beauty brands often care about Millennials's needs to become more and more successful. One of the reasons is that Millennials generation occupies a relatively high portion all over the world.
Some information about Millennials
The Millennials generation, also known as the Y generation, the concept refers to those born in the period from 1980 to the early 2000s (18-35 years old). These are people who have grown up with social media like forums, blogs, facebook, so forth. And they are the main labor force of the present and the future.
At the age of 22-35, they still need more years to be truly mature. However, it is this generation that has had a significant impact on consumer trends and the labor force in the market.
Many famous beauty brands have paid more attention to Millennials
Advantages and challenges
When asked about the level of brand loyalty, many people give the answer: "I am quite open to brand transformation, as long as it has products that fit my demands. I often have trusted brands but always consider or try new brands if I find it really interesting.” Around 87% of them often choose reliable, good quality products. In terms of brand equity, up to 71% prioritize this.
Millennials wants to participate in the collaboration to create products that are personal. A typical example is a campaign to print names on cans, bringing a strong victory to Coca-Cola a few years ago. Surveys show that 43% of Millennials are satisfied when customers are at the center of attention and care. Millennials also pays more attention to health and beauty and promotes environmentally friendly thinking.
To understand that, many purpose-driven beauty brands have taken measures to impress Millennials such as to build meaningful connections through products, cooperation with partners has similar values, putting usefulness first.
For example, this strategy has been done very well by Kiehl's. This is a cosmetics company from the USA who has trained its staff thoroughly to provide intensive and tailored beauty advice to each customer, which makes them feel like advice by a trusted friend or beauty blogger on YouTube. Other instance, IWC luxury watch brand allows customers to text directly to CEO on Instagram, and L’Oréal developed SPOT (Sustainable Product Optimization Tool) to evaluate and convey environmental and social imprints in new products throughout development.
Indeed, that understanding and capturing Millennials' trend is very important for many kinds of brands. No doubt, the development of the purpose-driven beauty brands will be so much potential in this present as well as in the future.