Gen X currently leads in beauty spending, but Millennials will shape the next decade! According to a recent generational report jointly produced by NielsenIQ (NIQ), World Data Lab and Spate [1], Gen X – the generation born between 1965-1980 – will dominated beauty spending over the 10 years from 2024 to 2034, with beauty spending growing by USD 150 billion. It will then be surpassed by purchases from Millennials, with Gen Z close behind.

Millennials to fuel beauty spending growth

Millennials (also referred as Gen Y) – the generation born between 1977-1995 – will be leading global beauty market growth in the next 10 years and will surpass Gen X as the dominant force in beauty spending in 2034, representing 24% of spending globally.

According to the report, Millennial spending growth on skin and hair care in 2024 outpaced the total market in both the United States and rest of world.

More than half of millennials (56%) think about their looks most of the time. In addition, they are most likely to use cosmetics and personal care products made from natural ingredients or to use food products as substitutes in their beauty routine.

Millennials spending on beauty services will grow the most by 2034. Europe is leading this trend with 57% of millennials in Europe spending their beauty budgets on beauty services, and only 6% on make-up, in comparison to millennials in North America where makeup represents 11% of spending.

Millennials are influenced by TikTok trends with #makeupover30 being the top TikTok hashtag, growing at 194.9% year-on-year. According to Nielsen IQ this shows that this generation is searching for tips and products specific to their age concerns and needs.

Gen X are the biggest beauty spenders

Gen X, born between 1965-1980 is the most valuable generation to beauty spending in 2024 until 2034, growing spend by USD 150 billion in the next 10 years. North America and Asia Pacific will drive over half of Gen X growth with China’s middle class and India’s wealthy as key contributors.

Gen X are heavily engaged across beauty – with higher penetration than the total population in 80% of beauty categories analyzed. Skin care as a category will see the fastest growth in the next 10 years – growing at 4.9% YoY ($26.8B).

Convenience comes first as Gen X’s channel choice, and they are likely to shop in all-in-one locations like Amazon and Hypermarkets.

Gen X’s TikTok views on makeup has grown to 53% with #over40makeup becoming a popular hashtag (6.9 million views in 2024). Products such as the Guide Beauty Wand for consumers who deal with shaky hands are seeing traction among some Gen X creators on TikTok.

The report also shows that Millennials and Gen Z are prioritizing health and the environment, and that they are those who are scrutinizing the most the different aspects of sustainability in beauty products. Millennials are more likely than the average to choose a product or service because of its low or zero impact on the environment (+3.2 points), while GenZers are more likely to purchase a product that values social equality or supports communities at risk or minorities (+1.2 points).

Unprecedented growth

According to the report’s authors, the global beauty industry is seeing unprecedented growth. Valued at USD 1.1 trillion in 2024, it is expected to expand by an additional USD 700 billion by 2034, with Asia contributing USD 310 billion to this growth.

Millennials will be at the helm of this trend by driving nearly half of global beauty spend at USD 193 billion with Gen Z coming a close second at USD 158 billion.