Base Beauty Creative Agency and global market research firm Mintel believe that Millennials and Gen Z’s purchases reflect not only their tastes but also the values and lifestyle they desire, sometimes at all costs. published a report called “Chasing the Rich” concluding that
Key findings:
Being wealthy: Truly wealthy consumers who have access to a luxurious lifestyle through social media. Celebrities like Gwyneth Paltrow are capitalizing on this by expanding into the CPG space and partnerships like Ruggable and CB2.
65% of U.S. consumers agree that luxury products and services impress others. 64% of Gen Z and 67% of Millennials use counterfeit products to save money. A third of beauty shoppers have bought fake cosmetics they saw on social media.
Living rich (but in debt): Many people are willing to take on debt in order to experience or project wealth, and this is often seen in the “girl math” trend.
35% of Millennials borrow money for experiences. 22% were unexpected purchases. 33% of consumers regret spending too much on beauty products, rising to 52% of Gen Z and 40% of Millennials.
Planning in abundance: Millennials are focused on financial literacy and long-term wealth building, drawing inspiration from influencers like Mrs. Dow Jones.
42% of consumers want cheaper alternatives to high-end products. From fashion to wellness, purchasing decisions are driven by influencers and their communities. This convergence of social media and influencer culture has changed traditional advertising, where authenticity, relevance, and aspiration are prioritized.
(Read more: What are shoppers’ grocery and delivery preferences like?)
59% of 29-43 year olds value showing off their financial status through their lifestyle. 59% of Millennials are more likely to purchase a product sponsored by a content creator they follow. 48% of Gen Z shoppers have made a purchase based on an influencer recommendation. .
