5WPR Consumer Report Reveals Splurge Spending Behavior for Beauty & Personal Care on the Rise in 2024
Report Reveals Gen Z is Leading the Self-Care Revolution
NEW YORK, April 22, 2024 /PRNewswire/ -- 5WPR, one of the largest independently owned PR firms in the U.S., reveals a 6% increase in consumer interest to splurge on beauty and personal care purchases in 2024 over the previous year. This marks the first time the category has entered the top five splurge categories in 5W's Consumer Culture Report history.
Among consumers aged 16 to 24, beauty and personal care rank in the top three splurge categories, with a majority expressing their interest to splurge (57%).
"We're noticing a growing emphasis on consumer interest in prioritizing self-care, particularly beauty and personal care. Leading this changing trend is Gen Z shoppers," said 5WPR Co-CEO, Dara A. Busch. "Despite being relatively new spenders, Gen Z is making a clear statement with their purchasing choices."
Looking back on 2023 spending, beauty and personal care claimed the fifth spot among all categories in which consumers reported spending their disposable income (29%). For Gen Z shoppers, the category claimed the third spot where they spend most of their disposable income (41%), and looking ahead to 2024, the category also breaks the top three categories where they will continue to spend (32%).
"While splurging does not equate to consistent spending, we have observed a trend in which consumers seemingly underestimate how much they intend to spend on beauty and personal care when predicting for the year ahead," added Busch. "This underscores the importance of consistent and targeted messaging for brands across the beauty industry. Integrating your brand into consumers' daily lives is a surefire way to build long lasting consumer relationships that endure industry trends."
The research was conducted by Censuswide, an independent market research consultancy, with a nationally representative sample of 2,005 US consumers between the 28th and 30th of November 2023. Censuswide is a member of the British Polling Council and abides by and employs members of the Market Research Society. All survey panelists are double opted-in, in line with the MRS code of conduct and ESOMAR standards.
About 5WPR
5WPR is a full-service PR agency in NYC known for cutting-edge programs that engage with businesses, issues, and ideas. Founded by Ronn Torossian more than 20 years ago, 5W has been named a top US and NYC PR Agency by leading industry publication O'Dwyer's, as well as awarded Agency of the Year in the 2023 American Business Awards®, and continuously brings leading businesses a resourceful, bold, and results-driven approach to communication. The agency has more than 300 professionals serving clients in B2C (Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, Nonprofit), B2B (Corporate Communications and Reputation Management), Public Affairs, Crisis Communications and Digital and Digital Marketing (Social Media, Influencer, Paid Media, SEO). In addition to its business accolades, 5W was named to the 2024 Digiday WorkLife Employer of the Year list. For more information and to join our team visit 5W Careers.
Media Contact
Roxanne Ducas
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SOURCE 5W Public Relations
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