According to the 48th Annual “Taking Stock With Teens Survey conducted by Piper Sandler Companies, as of fall 2024, Gen Z Americans (average participant age: 15.8 years old) are spending more on beauty than they were compared to spring 2024.
One of the most notable findings from the survey is the continued dominance of E.L.F. Beauty as the top-preferred brand in the beauty category. E.L.F. has maintained its position as the #1 cosmetic brand and gained 6 points of share year-over-year to 35% of female teens. This brand's popularity among Gen Z teens is a testament to its affordability, quality and alignment with their values, per the survey.
The fall 2024 survey results also reflect an increase in Gen Z American’s spending limits. for beauty specifically reaching the highest levels seen since 2018 at $342. Cosmetics continues to hold the highest share within beauty spending, but fragrance is growing quickly at 25%year-over-year.
Taking Stock with Teens Suvery resultsPiperSandler
Key findings from the Taking Stock with Teens Survey industry include:
- The skin care category saw a 4% year-over-year decrease.
- Ulta's share as a popular retail and e-commerce destination has decreased, falling to #2 with 27% of the market, down from 32% in 2023.
According to Spate’s consumer trends highlight report, there are a variety of things that Gen Z considers when shopping for beauty and personal care, including social media influence, effectiveness, brand transparency and sustainability.
Heather Widdows, a philosopher and author of “Perfect Me: Beauty as an Ethical Ideal,” told the Guardian, “People think looking better means you will have a better life. We’ve bought into the ideal that this will mean better relationships and a better job, so it’s become a dominant value for consumers.”
These factors, combined with the increasing availability and affordability of beauty products, have likely played a role in the recent increase in spending among Gen Z Americans.
