UK lender sees consumers spending more disposable income on beauty and self-care
12 Sep 2024 --- UK consumers are spending their disposable income on self-care and beauty. Moneyboat, a short-term direct lender offering loans, says 35% of the population dedicates extra funds to beauty products, exercise and other self-care activities.
The survey suggests that 20% of Brits spend most of their disposable income on beauty products, and 15% invest in exercise. According to geographical data, Londoners allocate even more disposable income for self-care with 26% buying beauty products and 19% investing in exercise.
The survey follows a report by the British Beauty Council and Oxford Economics showing that the UK beauty sector is almost returning to its 2019 peak economically despite structural and economic challenges.
The British Beauty Council believes the UK cosmetic industry’s direct contributions to the economy increased by 11% last year, or 3%, after adjusting for inflation.
Generational care
Moneyboat says its data demonstrates that the self-care and beauty industries are an economic driver in the UK.
Fifty percent of millennials prioritize self-care more than any other generation, with 30% of this age group choosing to spend most of their discretionary funds on beauty products.
The survey indicates millennials value looking and feeling good due to their investments in healthy activities and products.
The next-youngest generation was previously reported to have strong purchasing power, which has caused retailers to cater to their demands.
Innova Market Insights data reveals that 52% of Gen Z consumers are willing to try new makeup products, highlighting them as key trendsetters in the global beauty market. According to consumer insights research from Ulta Beauty, pre-teens are considerably tuned in to brand activities.
The retailer’s analysis shows that female Gen Z shoppers start to engage with beauty products, services and wellness routines at an average age of 12.6. For male Gen Z shoppers, the average age is 13.5.
By Sabine Waldeck
