Looking to increase your market share in skincare? Wanting to update the skincare shelves and not sure what customer to target? The secret lies in attracting Millennial consumers – and it may be particularly Millennial men.
New research from Roy Morgan has shown that while women are still dominating the core skincare market, Millennial men are buying and using skincare products more than ever before.
The research that looked into the skincare habits of Millennials found that in an average six months just over 1 million men (34%) buy and use some type of skincare.
Women continue to dominate the market with now more than 2.1 million Millennial women (69%) buying and using skincare products in an average six-month period.
“Attracting Millennial consumers is vital for skincare brands looking to grow their market share,” Roy Morgan CEO, Michelle Levine highlights.
Brands attracting market share
According to Roy Morgan, Nivea is the clear market leader reaching 25% of the core Millennial skincare market.
Nivea’s nearest rival, Sukin has been found to be reaching 12% of the Millennial skincare market.
Other popular skincare brands include:
- L’Oreal (8%)
- Olay (6%)
- Dove (5%)
- Garnier (4%).
“In a competitive retail landscape brands such as Nivea and Sukin are attracting the next generation of consumers [and] are in the strongest position to pursue growth,” Ms Levine continues.
Niche brands a challenge
Ms Levine suggests that attracting younger customers to your brand is important for long term growth and success because younger customers “haven’t yet settled on a favourite”.
She adds that when it comes to Millennial women, market trends reveal that nearly a third are “choosing non-major brands for their facial moisturiser and facial cleansing”.
“The trend for Millennials to choose independent and niche brands for their skincare products represents a significant challenge for the major brands and some are handling the test better than others.
“Nivea retains a significant lead as the major skincare brand for Millennials and proves that meeting the needs of young consumers can certainly pay off for the major brands despite the increasing competition.”