Millennials (also known as Generation Y-ers, those born between early 1980s to early 2000s) are a completely different breed of people. They are sure of what they want and despite their limited disposable income, they are somehow willing to pay for quality. Understanding this has opened up a whole new target market for brands to focus on. In the United States alone, Mintel, the world’s largest market intelligence company, found that the beauty industry is set to see an increase in spending by 6 percent from young adults between the ages of 25 and 34 from the years 2014 to 2019. While the demand is there, there is a supply gap; for a long time, you tend to find “teenage skincare” as one addressable market, and then the consumer graduate directly into the “anti-ageing and anti-wrinkle” market that the current millennials can’t identify with.
Needless to say, it is indeed tough for brands to conduct research for such a specific group of individuals. Yet, in recent years, many established brands have caught on and we have seen them coming up with a range specifically targeted at the millennials.
1. Original Skin by Origins
Telling (millenial) consumers explicitly that this skincare range will help resolve their skin’s “quarter life crisis” (or should we say #quarterlifecrisis), Origins launched Original Skin as a solution to common problems faced by millenials: roughness, dullness, visible pores. Going to market with a huge digital-only marketing strategy, which is rare for an “old” brand like Origins, which is still quite traditional with its marketing, Origins shows millenials who are obviously more engaged with their social media feeds than print magazines that they are out to woo them. The range consists of a mask and a serum, and it’s note-worthy that the serum costs just SGD78, significantly more affordable than its Plantscription serum (SGD118) and Dr. Andrew Weil for Origins Mega-Mushroom serum (SGD108).
2. Flawless Future by Elizabeth Arden
Understanding that what is suitable for a woman in her 50s is not suitable for someone in her 20s, Art Pellegrino, the Vice President of research and development at Elizabeth Arden believes that this is essentially the first step into anti-aging for young women who live busy lifestyles. With millennials fast becoming the most stressed-out generation, Elizabeth Arden hopes to through their signature ceramide, counteract these effects. Containing the highest amount of ceramide, Elizabeth Arden’s serum has said to produce the strongest clinical results with 67% of women claiming that their skin has seen a visible reduction in signs of stress and fatigue.
3. Ibuki by Shiseido
The true early bird to the millennial party, the famed Japanese brand takes on a different stand. Instead of telling women that they need more resolve and discipline in protecting the skin, Shiseido recognises that times have changed and the environment is now a lot more harmful than it used to be previously. To counteract pollution and the harsh UV rays, Shiseido’s new range uses a combination of botanical extracts to provide strength from the inside, encouraging both cellular regeneration whilst eliminating any excess buildup.
4. Estée Edit by Estée Lauder
“Launch and Learn” is something CEO, Fabrizio Freda, lives by when dealing with millennials. Understanding that loyalty and retention are not 2 of the most common vocabulary in the dictionary of the millennials, Estée Lauder has taken to releasing more makeup products to effectively engage millennials. The Estée Edit is a 82-stock-keeping-unit makeup and skincare collection launched to court younger consumers. The set houses products from a range of high-pigment, high-impact shades to ones that are less in-your-face, delivering sheer washes of colour infused with skin-care benefits. It is of Estée’s hope that through this newly released collection, they will “join the party in makeup and create the party in skincare”. This collection is not available in the Singapore market yet.
With the industry’s immense growth potential, sit tight and get ready to be amazed by what these big brands as well as up and coming brands are looking to prove!