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By the Numbers: Millennial and Gen Z Invest in Beauty

New data from Klarna indicates younger consumers are gaining more interest in beauty.

Millennials and Gen Z are increasing their beauty spend. According to Klarna, which tracks the items its 85 million shoppers wish-list on its app, the next generations of beauty consumers are showing increased interest in the industry. “For Millennials, we’ve seen they’ve been spending at an increase of 32 percent,” said Michela Griffin, commercial lead, beauty and accessories at Klarna. “Generation Z is increasing spend 23 percent.”
Griffin attributes this to a need of community, noting that of the bank’s top 10 wish-listed items are also popular across social media channels. “Right now, people want to be a part of a community, and their normal, day-to-day interactions have been limited,” she said. “It’s easier than ever for shoppers to open the Klarna app and bounce between different apps to build out their repertoire.” Eye makeup and regimen-based investments are top performers. Brands such as Fenty Beauty and Morphe, with the likes of Rihanna and James Charles behind them, have multiple spots on the list, too. Here, see the top 10 wish-listed items in the Klarna app, from January to June 2020.

  1. Belif Aqua Bomb Sleeping Mask
  2. Tatcha The Liquid Silk Canvas: Featherweight Protective Primer
  3. Fenty Beauty by Rihanna Full Frontal Volume, Lift & Curl Mascara
  4. Tarte Shape Tape Concealer
  5. Huda Beauty Mercury Retrograde Eyeshadow Palette
  6. Moroccan Spice Eye Shadow Palette Fenty Beauty
  7. Morphe x James Charles The Mini Palette
  8. The Ordinary AHA 30% + BHA 2% Peeling Solution
  9. Fenty Beauty by RihannaGloss Bomb Universal Lip Luminizer
  10. Morphe The Jeffree Star Artistry Palette

Source: Klarna

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