Today’s beauty industry is roaring, projected to grow from $46.2 billion in 2015 to $51.8 billion by 2020, according to Mintel. But, what’s causing this steady growth and how is the industry fueling it further? Our latest eBook “Buying Beauty: Influencers, Trends, & Predictions in the Business of Looking Good” addresses this question and has just hit the virtual stands. As its title alludes, the third and final eBook in this three-part series examines millennials’ shopping behaviors, purchases, influencing factors, and how these elements impact market trends.
Download “Buying Beauty” today to learn the most recent trends and industry insights.
Here’s an excerpt from “Buying Beauty” on the rise of specialty stores and the sample box as a result of millennial interest in shopping in stores.
According to recent data analyzed in the TABS survey, millennials are buying fewer beauty products online, and instead opting to purchase them in stores. Because—for this generation—seeing is believing. Testing products has become the standard, an essential part for this critical bunch, which has subsequently triggered the growth and strength of specialty stores like Sephora and Ulta and subscription-based sample boxes like Birchbox and Ipsy’s Glam Bag. Even Sephora is attempting to corner both ends of this market with the recent launch of Sephora’s Play box, a competitor to the other heavy-hitting sample box companies. Following suit is Target with its very own trial box service and Nordstrom with an educational sampling concierge service.
According to the TABS survey, Ulta saw a 41 percent increase in purchases from 2014 to 2015, while Sephora saw a 32 percent increase. The evolution of the beauty industry—pulling products from behind displays and into consumer hands for testing, trialing, an sampling—has been dubbed “Sephorization” by Karen Grant, a global beauty industry analyst for The NDP Group.
“Buying Beauty” is the third and final eBook in our three-part eBook series. Click here to download. If you missed the first eBook, click here to download “Catch the Eye: Creating Successful Retail Environments.” For the second eBook, “The Shift in Shopping: Examining Today’s Retail Experience,” click here. Happy reading!