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1、1 2023 All Rights Reserved Garitano Advisors S.L.U.Independent Media&Data AdvisorsCOSMETICSINDUSTRY REPORT2 2023 All Rights Reserved Garitano Advisors S.L.U.Who are weINDARU is an independent consulting firm specialized in media and data analysis3 2023 All Rights Reserved Garitano Advisors S.L.U.Our

2、 missionWe exist to help brands extract all the valuefrom their media investments4 2023 All Rights Reserved Garitano Advisors S.L.U.We provide services around media consulting,media audits and data&analytics with the final goal of optimizing advertisers ROIMarketing technology selection and data str

3、ategyCONSULTANCYEvaluate your media performanceMEDIA AUDITSTrack media buying results in real-timeDASHBOARDINGMARKETING MIX MODELINGMeasure and find the most efficient media mix5 2023 All Rights Reserved Garitano Advisors S.L.U.Indaru brings unfettered and fast advice from years of experience in dat

4、a analytics and media Independent AdviceOwner-OperatedData&Media ExpertsNot tied to any media agency,technology vendors or advertisersNo red-tape of a corporate firm,enabling us to be agile and responsiveExperts in data analytics makeup half the team while the other half are experts in media 6 2023

5、All Rights Reserved Garitano Advisors S.L.U.6-7Executive Summary8-9Recommendations11-27Market Overview28-43Influence of Social Media 44-58Organic Trends59-71Consumers:Gen Z72-86Consumers:Millennials87-95Consumers:Gen X96-117AdvertisingTable of Contents7 2023 All Rights Reserved Garitano Advisors S.L

6、.U.Executive SummaryCosmetics follow the global trend of online advertisement,with US and France increasing their investment in digital ad spend of 1,216 million USD(US)and 85 million USD(France).(S34)Youtube(61%)and Facebook(51%)were the most trusted social networks to find and buy products in the

7、US in 2022.(S35)Leading goals of social media marketers are engagement(62%)and reach(60%),but there is a big opportunity for monetization.(S41)The revenue growth of natural cosmetics worldwide is rapidly growing,with an average growth of 6.94%.From a negative growth rate of 2.90%in 2015,it has been

8、increasing ever since and is expected to keep on growing for the years to come.(S45)Gen Z is the generation that purchased most on social media,especially within the age range of 18 to 24 with 55.50%.(S69)8 2023 All Rights Reserved Garitano Advisors S.L.U.Executive SummaryInternet searches(46%)and t

9、elevision(42%)were Millennials favorite channels for care product ideas in the US in 2021.(S83)The digital shoppers from Gen X barely use social media for shopping.17%used Facebook(17%)in the US&9%Instagram.(S94)The main medium for ads for beauty and personal luxury was TV(44.6%)followed closely by

10、digital(36%).(S97)The digital ad spending in Western Europe in 2021 was largely dominated by display(38b USD)and search(35b USD).(S113)9 2023 All Rights Reserved Garitano Advisors S.L.U.RecommendationsR1:Personal care and beauty are the second most purchased product categories on social media based

11、on data from the US in 2021(S37).This highlights the shift from offline to online purchasing.Therefore,there is a need for companies to adapt to consumers need purchasing habits and expectations to remain competitive in the market.Cosmetics companies must develop their online platforms(ie:user-frien

12、dly website)to facilitate the consumer journey of consumers.For example,Gen Z were the generation to be most influenced by social media,with 63%of them buying an item after seeing it on said platform(S64).R2:Having said that,it is recommended for companies to develop a strong online presence.In 2022

13、,Dior,LOral and Lacme were the most influential brands globally(S40),and when looking at the leading brands in the market they are part of the top brands,with LOral being the leading brand(S27).For that reason,it is important for companies to not only have a user friendly interface where consumers c

14、an easily purchase products,but also work on their online presence using social media.This must be tailored based on your target audience and objectives.It will be important to establish the main goals of the social media account,being leads,followers,likes,comments or others,in order to establish t

15、he right marketing strategy.R3:The way that shoppers approach skincare is undergoing a fundamental change,as they are becoming more informed and educated about the products on offer.With the increasing awareness of ingredients and their potentially harmful effects,consumer knowledge now sets the rhy

16、thm that beauty companies have to follow.For example,50%of Gen Z said they would not buy from skin care products from brands that are not justified as cruelty-free in 2021 in the US(S54).Clearly,there is a huge opportunity in the natural&organic cosmetics sector,with an average global growth rate of

17、 6.94%(S46),and thus it could be a good opportunity to enter this growing segment within the cosmetics industry.R4:To remain competitive,it is crucial to be able to predict which trends will arise in the future,and thus adapt ones marketing strategy.Some key trends to have in mind in the next few ye

18、ars are social media as a medium of advertising,which is said to bring the highest ROI in 2026,and online audio-podcast as they are expected to take larger share of consumers media time though they are under-invested(S109).Great opportunities.10 2023 All Rights Reserved Garitano Advisors S.L.U.Recom

19、mendationsR4:Millennials are reshaping the beauty and personal care industry at a rapid pace.It is a target group with high importance,and therefore it is important to know how to target them using the marketing mix modelling.In order to target them properly,one must know through which channels are

20、Millennials most likely to be receptive and active on.Millennials favorite channels for care product ideas were internet searches and television in 2021 in US(S83).On top of that,they were most influenced by Facebook(30%)as a social network,and Instagram being the runner up(23%)in 2022 in US.Consequ

21、ently,Millennials are best targeted through internet searches,television,and in terms of social network with Facebook.Interestingly,Millennials have the most exposure to content on TikTok in 2023-which is good to keep in mind(S85).R5:When looking for care product ideas,Gen Z were most interested in

22、social media channels and internet searches(S68).It is a useful information,as 89%of Gen Z were more willing to try new brands online as of 2021 in US(S63).This is important in order to develop an efficient marketing mix model to target Gen Z,and for cosmetics,it seems that the best online channels

23、are social media and internet searches.R6:Though Millennials are the largest demographic group in the US,Gen X are the one with the highest and most willing to spend their expendable income(S88).This is important in order to see which group will be interested by a companys product,being whether it i

24、s luxurious(higher prices)or non-luxurious(lower-prices).Additionally,knowing which price range is good,but it must be accompanied with a marketing strategy and thus see which channels are Gen X most receptive on.In this case,the best channel to reach Gen X is through emails(S92),an important inform

25、ation when developing the marketing mix modelling for this target group.11 2023 All Rights Reserved Garitano Advisors S.L.U.MARKET OVERVIEW12 2023 All Rights Reserved Garitano Advisors S.L.U.Executive SummaryThe cosmetic market revenue worldwide in 2022 was concentrated mainly in United States with

26、18,010 million USD and China,with 13,970 million USD.The runner ups were Japan,India,and United Kingdom.(S21)LOral Paris was the leading brand if cosmetic worldwide,with a brand value of 11.22 billion US$,followed by Este Lauder with 7.93 billion US$.(S27)The revenue of cosmetics in the United State

27、s in 2022 had a rapid growth rate of 21.9%,while Europe grew by 1.8%,though as the years go by,both of their growth rate are aligning at the same pace,with 3.5%and 3.4%of growth in 2026.(S15)The revenue of the luxury cosmetics market worldwide is expected to increase up to 31.56 billion US$by 2027.(

28、S19)Meanwhile,the difference between luxury and non-luxury cosmetics between United States and Europe is that in the US 70%of the revenue come from non-luxury,while in Europe the split is more equal with 54%of revenue coming from non-luxury.(S20)13 2023 All Rights Reserved Garitano Advisors S.L.U.Co

29、smetics&personal care made up 26%,the second biggest segment,of sale from direct selling in EU in 2018Source:Tighe,D.“Europe:Sales Share of Direct Selling Industry by Product 2018.”Statista,15 Mar.2021,Distribution of sales from direct selling in Europe 201814 2023 All Rights Reserved Garitano Advis

30、ors S.L.U.Global cosmetics market is expected to reach 131,041 USD in revenue by 2026,and to grow annually by 4.25%(CAGR 5yr)Source:Published by Statista Research Department,&27,S.(2022,September 27).Global:Cosmetics market revenue 2013-2026.Statista.Revenue of the global cosmetics markets15 2023 Al

31、l Rights Reserved Garitano Advisors S.L.U.In 2022,US(21.9%)grew at a much faster pace than Europe(1.8%),though in 2026 onwards the growth rates seem to coincide(3.5%/3.4%)Source:Beauty&Personal Care-Global:Statista market forecast.Statista.(n.d.).Revenue change of cosmetics in the US and EU16 2023 A

32、ll Rights Reserved Garitano Advisors S.L.U.The category“Lips”had tremendous growth,50.3%in 2022,but natural cosmetics is gaining popularity,with expected grow of 10%in 2023Source:Cosmetics-united states:Statista market forecast.Statista.(n.d.).Revenue change per categories worldwide17 2023 All Right

33、s Reserved Garitano Advisors S.L.U.The segments“Eyes”and“Face”are the most remunerative,with each making above 20,000 million USD of revenue worldwideSource:Published by Statista Research Department,&27,S.(2022,September 27).Global:Cosmetics market revenue 2013-2026.Statista.Revenue of the global co

34、smetics market 2021,by segment(in million USD)EyesFaceNatural cosmeticsLipsNails18 2023 All Rights Reserved Garitano Advisors S.L.U.US has a higher consumer spending(per capita)than Europe,however,Europes CAGR 5yr is higher(3.4%)than US(2.4%)Source:Beauty&Personal Care-Global:Statista market forecas

35、t.Statista.(n.d.).Consumer spending(per capita)in the US and EU19 2023 All Rights Reserved Garitano Advisors S.L.U.Additionally,the revenue of the luxury cosmetics market worldwide is expected to increase up to 31.56 billion USD by 2027Source:Published by Statista Research Department,&26,S.(2022,Sep

36、tember 26).Global:Luxury cosmetics market revenue 2014-2027.Statista.Luxury cosmetics market revenue worldwide Luxury cosmetics market revenue worldwide 20 2023 All Rights Reserved Garitano Advisors S.L.U.United States is more focused on non-luxury(70%),while Europe has a more balanced focused with

37、46%luxury and 54%non-luxurySource:Beauty&Personal Care-Global:Statista market forecast.Statista.(n.d.).Luxury&non luxury cosmetics splits in terms of revenue for the US in 2022Luxury&non luxury cosmetics splits in terms of revenue for the EU in 202221 2023 All Rights Reserved Garitano Advisors S.L.U

38、.United States and China concentrated most of the cosmetic revenue in 2022,with over 18K and 13K millions of USD respectivelySource:Cosmetics-worldwide:Statista market forecast.Statista.(n.d.).Cosmetics market revenue worldwide 2022 by country(in million USD)22 2023 All Rights Reserved Garitano Advi

39、sors S.L.U.Online conversion rate of e-commerce sites were highest for health&beauty,and hair care with over 3%conversion rateSource:Chevalier,S.(2022,December 8).Global conversion rate by industry 2022.Statista.Global conversion rate is selected verticals in 3rd quarter 202223 2023 All Rights Reser

40、ved Garitano Advisors S.L.U.Though cosmetics are still mainly bought offline(69.9%),online revenue is increasing,with a 11.2%growth between 2017 and 2023Source:Published by Statista Research Department,&26,S.(2022,September 26).Global:Luxury cosmetics market revenue 2014-2027.Statista.Offline and on

41、line revenue share worldwide24 2023 All Rights Reserved Garitano Advisors S.L.U.More specifically to US and EU,there are similarities in terms of the proportion of online(33%/27%)and offline(67%/73%)Source:Beauty&Personal Care-US:Statista market forecast.Statista.(n.d.).Online&offline cosmetics reve

42、nue share in 2022 in the United StatesOnline&offline cosmetics revenue share in 2022 in the Europe Online&offline cosmetics revenue share in 2022 in the US Online&offline cosmetics revenue share in 2022 in the EU 25 2023 All Rights Reserved Garitano Advisors S.L.U.Online shopping is quite diversifie

43、d among channels,though the most popular in 2020 was“other online store”(19%)in the US Source:Beauty&Personal Care-US:Statista market forecast.Statista.(n.d.).Expenditure proportion by online channels for cosmetics in the US in 202026 2023 All Rights Reserved Garitano Advisors S.L.U.Offline channels

44、 are fairly fragmented,with big box store(20%)being the main one among others in the US in 2020Source:Beauty&Personal Care-US:Statista market forecast.Statista.(n.d.).Expenditure proportion by offline channels for cosmetics in the US in 202027 2023 All Rights Reserved Garitano Advisors S.L.U.LOral P

45、aris was the leading brand of cosmetic worldwide,with a brand value of 11.22 billion USD,followed by Este Lauder in 2022Source:Petruzzi,D.(2022,May 10).Brand value of the leading 10 cosmetic brands worldwide 2022.Statista.Brand value of leading 10 cosmetics brands worldwide in 202228 2023 All Rights

46、 Reserved Garitano Advisors S.L.U.INFLUENCE OF SOCIAL MEDIA29 2023 All Rights Reserved Garitano Advisors S.L.U.Executive SummaryCosmetics follow the global trend of online advertisement,with United States and France increasing their investment in digital ad spend of 1,216 million US$(US)and 85 milli

47、on US$(France),compared to 477 million US$(US)and 2 million US$(France)in 2019.(S34)Youtube(61%)and Facebook(51%)were the most trusted social networks to find and buy products in the US in 2022.(S35)The second product category most purchased on on social media in 2021 in the US was“Personal care&bea

48、uty”with 15%.(S37)Dior,LOral Paris and Lancme were the most influential beauty brands globally in the first half of 2022,with a MIV above 337.(S40)Leading goals of social media marketers are engagement(62%)and reach(60%),but there is a big opportunity for monetization.(S41)30 2023 All Rights Reserve

49、d Garitano Advisors S.L.U.In 2022,the number of US social buyers was expected to be 102.60millions,and is expected to grow by 11.4%in 2025 Source:Chevalier,S.(2022,October 11).U.S.Social Buyers 2020-2025.Statista.Number of US social buyers31 2023 All Rights Reserved Garitano Advisors S.L.U.Global sa

50、les through social media platforms are estimated to reach 992b USD in 2022,and forecasted to reach 3 trillion USD in 2026Source:Chevalier,S.(2022,September 16).Global Social Commerce Market Size 2022-2026.Statista.Social commerce sales value worldwide32 2023 All Rights Reserved Garitano Advisors S.L

51、.U.Internet advertising spending grows at a 13.27%rate CAGR in North America,compared to CAGR in Western Europe of 9.38%Source:Published by Statista Research Department,&10,J.(2023,January 10).Global internet ad spend by region 2024.Statista.Internet advertising spending in North America and Western

52、 Europe33 2023 All Rights Reserved Garitano Advisors S.L.U.Social media influenced the second most the category of“Beauty care&make up”(22.92%),specifically among Gen Z and MillennialsSource:Chevalier,S.(2022,October 25).U.S.Genz/Millennial purchased items due to social media 2021.Statista.Products

53、that US Gen Z and Millennials buy more due to social media in 202134 2023 All Rights Reserved Garitano Advisors S.L.U.Cosmetics follow this global trend,with US and France increasing their investment of 1,216m USD(US)&85m USD(France)in 2021Source:Navarro,J.G.(2023,February 7).U.S.:Cosmetics&Personal

54、 Care Display ad spending.Statista.Cosmetics&personal care display ad spend in the US&France35 2023 All Rights Reserved Garitano Advisors S.L.U.YouTube(61%)and Facebook(51%)were the most trusted social networks to find and buy products in the US in 2022Source:Chevalier,S.(2022,September 23).U.S.most

55、 trusted social networks for Social Shopping 2022.Statista.Most trusted social networks to find and buy products in the US in 202236 2023 All Rights Reserved Garitano Advisors S.L.U.In 2021 in the US,53%of the users shopped on social media at least one a week Source:Chevalier,S.(2022,November 18).U.

56、S.social media shopping frequency 2021.Statista.Social media shopping frequency in the US in 202137 2023 All Rights Reserved Garitano Advisors S.L.U.In terms of the most purchase product categories on social media in 2021 in US“Personal care&beauty”came second with 15%Source:Chevalier,S.(2022,Februa

57、ry 17).U.S.main products bought on social media 2021.Statista.Most purchased product categories on social media in the US38 2023 All Rights Reserved Garitano Advisors S.L.U.The two most influential social media content in purchasing decisions are post by friends(71%)and posts by brands(63%)Source:Ch

58、evalier,S.(2022,September 19).U.S.Social Media Content Purchase Influencers 2021.Statista.Most influential social media content for buyers in the US in 202139 2023 All Rights Reserved Garitano Advisors S.L.U.Out of the share users who discovered a product on social media,82%of them purchased it dire

59、ctly on their phoneSource:U.S.mobile shopping by social media discovery 2021|statista.(n.d.).Mobile shopping after discovery in social media in the US in 202140 2023 All Rights Reserved Garitano Advisors S.L.U.Dior,LOral Paris and Lancme were the most influential beauty brands globally in the first

60、half of 2022,with a MIV above 337Source:Most influential beauty brands on media 2022|statista.(n.d.).Media Impact Value(MIV)allows brands to assign a monetary value to every post,interaction or article to measure its impact and identify contributions to brand performance across Voices,channels and r

61、egions.Leading global beauty brands based on Media Impact Value H1 202241 2023 All Rights Reserved Garitano Advisors S.L.U.Leading goals of social media marketers are engagement(62%)and reach(60%),but there is a big opportunity for monetizationSource:Published by S.Dixon,&22,M.(2022,March 22).U.S.be

62、auty brands by Social Media User Engagement 2020.Statista.Creators refers to the people responsible for creating and uploading content social media,also called influencersLeading creator marketing goals in the US in 202242 2023 All Rights Reserved Garitano Advisors S.L.U.Based on the number of Insta

63、gram followers,Kylie Cosmetics&Anastasia Beverly Hills were the most popular brands onlineSource:Published by S.Dixon,&23,M.(2022,March 23).Instagram:Most-followed Beauty Brands 2022.Statista.Leading beauty brands ranked by number of Instagram followers as of March 202243 2023 All Rights Reserved Ga

64、ritano Advisors S.L.U.Sandra Cires Art channel was the most popular YouTube beauty channel as of November 2022,with 16.30 millions of subscribersSource:Published by L.Ceci,&18,N.(2022,November 18).YouTube top beauty and makeup channels 2022.Statista.YouTube:most subscribed beauty content creators 20

65、2244 2023 All Rights Reserved Garitano Advisors S.L.U.ORGANIC TRENDS45 2023 All Rights Reserved Garitano Advisors S.L.U.Executive SummaryThe revenue growth of natural cosmetics worldwide is rapidly growing,with an average growth of 6.94%.From a negative growth rate of 2.90%in 2015,it has been increa

66、sing ever since and is expected to keep on growing for the years to come.(S46)The growth rate of natural and organic personal care between the years 2018 and 2028 is faster in North America(9.10%)than on a global scale(8.30%).(S47)For women in the US in 2016,skin care and hair care were the most imp

67、ortant categories to buy all-natural products,with 57%and 51%,respectively,of the respondents agreeing.(S51)The sustainable personal care market share of Millennials is expected to decrease by 2%in the UK by 2025.(S53)50%of Gen Z said they would not buy from skin care products from brands that are n

68、ot justified as cruelty-free,in the US in 2021.(S54)46 2023 All Rights Reserved Garitano Advisors S.L.U.In terms of trend,it can be noted that the natural cosmetics worldwide is growing,with an average growth of 6.94%Source:Published by Statista Research Department,&16,N.(2022,November 16).Global:Na

69、tural and organic market revenue growth.Statista.Annual revenue growth of the natural and organic cosmetics market worldwide47 2023 All Rights Reserved Garitano Advisors S.L.U.The growth rate of natural and organic personal care is faster in North America(9.10%)than on a global scale(8.30%)Source:Pe

70、truzzi,D.(2022,February 2).Organic Personal Care Market-growth worldwide 2018-2028.Statista.Growth of the global and North American natural personal care in 2018-202848 2023 All Rights Reserved Garitano Advisors S.L.U.42%of the respondents in US used mostly organic cosmetics,with 40%using either or

71、equally.As opposed to 18%using mostly conventionalSource:Kunst,A.(2019,December 20).Makeup:Share of Organic Products U.S.2017.Statista.Share of organic makeup products bought by US consumers in 201749 2023 All Rights Reserved Garitano Advisors S.L.U.The main reason for using natural and organic beau

72、ty products was for“health for my body”in 2022,with a 50%rate responsesSource:Shahbandeh,M.(2022,November 2).Natural and organic beauty:Main motivating factors in Europe 2022.Statista.Main motivations for using natural and organic beauty products in 2022 in EU50 2023 All Rights Reserved Garitano Adv

73、isors S.L.U.In US,most important attributes for beauty/personal care were:“clean”products (47%)and made of“natural ingredients”(47%)Source:Shahbandeh,M.(2022,October 14).Beauty products:Most important product attributes for consumers 2022.Statista.Beauty and personal care:important product attribute

74、s for US consumers in 202251 2023 All Rights Reserved Garitano Advisors S.L.U.For women in the US,skin care(57%)and hair care(51%)were the most important categories to buy all-natural products Source:Mikulic,M.(2016,September 27).Importance of bio beauty products for U.S.women by category 2016.Stati

75、sta.Importance of buying all-natural beauty products for US women in 2016,by category52 2023 All Rights Reserved Garitano Advisors S.L.U.The leading label to motivate female shoppers in France to buy cosmetics online in 2022 was“Cosmtiques Bio”(89%)Source:Published by Lynn Beyrouthy,&10,O.(2022,Octo

76、ber 10).France:Top labels for cosmetic online purchases 2022.Statista.Most popular labels that motivate shoppers to buy cosmetics online in France 202253 2023 All Rights Reserved Garitano Advisors S.L.U.The sustainable personal care market share of Gen Z expected to grow most rapidly in UK,with CAGR

77、 of 10%,by 2025Source:Published by M.Ridder,&16,N.(2021,November 16).United Kingdom:Sustainable personal care market growth 2021.Statista.Growth of the sustainable person care market with CAGR of market share in the UK in 202154 2023 All Rights Reserved Garitano Advisors S.L.U.50%of Gen Z said they

78、would not buy from skin care products from brands that are not justified as cruelty-free,in the US in 2021Source:Petruzzi,D.(2022,December 16).Beauty:Gen z about buying from non cruelty-free brands 2021.Statista.Willingness of Gen Z to buy from non cruelty-free brands in the UK and US in 202155 2023

79、 All Rights Reserved Garitano Advisors S.L.U.Main reasons to buy natural cosmetics for Gen Z were:environment(44%),try new things(41%),and better health(40%)Source:Kunst,A.(2022,March 16).Gen Z drivers of Natural Cosmetics purchases U.S.2021.Statista.Gen Z reasons to buy natural cosmetics in the US

80、in 202156 2023 All Rights Reserved Garitano Advisors S.L.U.Main criterias for Gen Z for sustainable purchase for cosmetic products:free from harmful ingredients(28%)and cruelty-free(27%)Source:Kunst,A.(2022,March 16).Gen Z Sustainable Purchase Criteria for cosmetics U.S.2021.Statista.Gen Z sustainab

81、le purchase criteria for cosmetic products in the US in 202157 2023 All Rights Reserved Garitano Advisors S.L.U.Among the Millennials survey of 2017,43%stated their preference for natural skin care productsSource:Ad spend of selected personal care brands 2021-US (Jan,6,2023).StatisticaShare of Mille

82、nnials looking for natural skin care products in the US in 201758 2023 All Rights Reserved Garitano Advisors S.L.U.The sustainable personal care market share of Millennials is expected to decrease by 2%in the UK by 2025Source:Ad spend of selected personal care brands 2021-US (Jan,6,2023).StatisticaG

83、rowth of the sustainable personal care market with CAGR of market share in the UK in 202159 2023 All Rights Reserved Garitano Advisors S.L.U.CONSUMERS:GEN-Z60 2023 All Rights Reserved Garitano Advisors S.L.U.Executive SummaryGen Z is the generation that used social media most to search for product i

84、nformation with 44.4%in 2022 in the US.(S61)Gen Z were the most influenced by social media,with 63%buying an item after seeing it on said platform.(S64)Social media channels(44%)and internet searches(40%)were Gen Zs favorite channels for care product ideas in the US in 2021.(S68)Gen Z is the generat

85、ion that purchased most on social media,especially within the age range of 18 to 24 with 55.50%.(S69)61 2023 All Rights Reserved Garitano Advisors S.L.U.Gen Z is the generation that used social media most to search for product information with 44.4%in 2022 in the USSource:U.S.social media use for pr

86、oduct search by age 2022|statista.(n.d.).Social media usage for product search in the US in 202262 2023 All Rights Reserved Garitano Advisors S.L.U.Looking at Gen Z,out of brands,influencers and retailers,they were the most responsive to brands(52%)in 2022Source:Published by Statista Research Depart

87、ment,&25,O.(2022,October 25).Global social media accounts followed and bought from by generation 2022.Statista.Global social media users on accounts followed and bought from 202263 2023 All Rights Reserved Garitano Advisors S.L.U.80%of Gen Z were more willing to try new brands online,however,over ha

88、lf(57%)were becoming less loyal to brands in 2021Source:Pasquali,M.(2023,January 18).United States:Gen Z loyalty towards brands 2021.Statista.More willing to try new brands onlineHave less patience with poorly functioning websitesLess loyal to brandsAbandon a purchase or post a negative review with

89、poor digital shopping experience Change in loyalty towards brands among US Gen Z shoppers since COVID19 202164 2023 All Rights Reserved Garitano Advisors S.L.U.Gen Z were the most influenced by social media,with 63%buying an item after seeing it on said platform Source:Tighe,D.(2022,October 25).U.S.

90、shoppers inspired by social media by age 2022.Statista.Consumers who bought an item after seeing it on social media in the US in 2022,by age65 2023 All Rights Reserved Garitano Advisors S.L.U.Gen Zs main channels to buy products in the US in 2022 were“In-Store”(55%),with“Online retailer”just 5%below

91、 Source:U.S.:Main channels for product purchases by age|statista.(n.d.).Main channels to buy products for consumers in the US in 2022,by generation66 2023 All Rights Reserved Garitano Advisors S.L.U.43%of Gen Z shopped for beauty&personal care products online in“Marketplace(ie:Amazon)”back in 2021,i

92、n the USSource:Kunst,A.(2022,March 15).Gen Z cosmetics purchase online channels U.S.2021.Statista.Gen Z beauty&personal care purchase online channels in the US in 2021Gen Z beauty&personal care purchase online channels in the US in 202167 2023 All Rights Reserved Garitano Advisors S.L.U.48%of Gen Z

93、shopped for beauty&personal care products offline in“Big box store/superstore”back in 2021,in the USSource:Kunst,A.(2022,March 15).Gen Z cosmetics purchase offline channels U.S.2021.Statista.Gen Z beauty&personal care purchase offline channels in the US in 202168 2023 All Rights Reserved Garitano Ad

94、visors S.L.U.Social media channels(44%)and internet searches(40%)were Gen Zs favorite channels for care product ideas in the US in 2021Source:Petruzzi,D.(2022,November 30).United States:Channels used by Gen z for care product ideas.Statista.Gen Zs favorite channels for care product ideas in the US i

95、n 202169 2023 All Rights Reserved Garitano Advisors S.L.U.Gen Z is the generation that purchased the most on social media,especially within the age range of 18 to 24 with 55.50%Source:U.S.social buyers by age 2021|statista.(n.d.).Share of social media users in the US using social media to make purch

96、ases in 202170 2023 All Rights Reserved Garitano Advisors S.L.U.Gen Z didnt have preferred shopping methods,it is divided among in-store(37%),hybrid(36%),and online as the latter(27%)Source:Tighe,D.(2023,January 18).Global Online Shopping Trends by generation 2021.Statista.Preferred shopping methods

97、 of consumers,worldwide in 202171 2023 All Rights Reserved Garitano Advisors S.L.U.68%of Gen Z used social media daily of a few times per week,while only 6%never used social media in 2022 in the USSource:Watson,A.(2022,August 18).News consumption on social media U.S.by generation 2022.Statista.Consu

98、mption frequency of news from social media in the US in 202272 2023 All Rights Reserved Garitano Advisors S.L.U.CONSUMERS:MILLENNIALS73 2023 All Rights Reserved Garitano Advisors S.L.U.Executive SummaryMillenials main channels to buy products in the US in 2022 were“In-Store”(65%),and closely followe

99、d by“Online retailer”(55%).(S76)Millennials were the most influenced in terms of purchasing decisions by social media advertising,with 58%in 2021 in the US.(S79)Millennials were the most responsive to brands(59%),with retailers as a runner up with 50%back in 2022.(S82)Internet searches(46%)and telev

100、ision(42%)were Millennials favorite channels for care product ideas in the US in 2021.(S83)Millennials were most influenced by Facebook(30%)as a social media network,with Instagram as the runner up(23%)in 2022 in the US.(S84)74 2023 All Rights Reserved Garitano Advisors S.L.U.50%of Millennials state

101、d that they preferred to purchase in-store cosmetics/personal care in 2019 Source:Tighe,D.(2020,November 27).Millennial in-store shopping preferences worldwide 2019.Statista.Products Millennials prefer to purchase in-store globally in 202175 2023 All Rights Reserved Garitano Advisors S.L.U.In 2021,5

102、1%of the Millennials surveyed stated that in-store experience when shopping is important Source:Petruzzi,D.(2023,January 18).Beauty and health products:Importance of the in-store experience 2021.Statista.Importance of the in-store experience for beauty purchases worldwide in 202176 2023 All Rights R

103、eserved Garitano Advisors S.L.U.Millenials main channels to buy products in the US in 2022 were“In-Store”(65%),and closely followed by“Online retailer”(55%)Source:U.S.:Main channels for product purchases by age|statista.(n.d.).Main channels to buy products for consumers in the US in 202277 2023 All

104、Rights Reserved Garitano Advisors S.L.U.Millennials leaned slightly towards“in-store”(38%),with“online”(32%)and“hybrid”(30%)not to far behind Source:Tighe,D.(2023,January 18).Global Online Shopping Trends by generation 2021.Statista.Preferred shopping methods of consumers,worldwide in 202178 2023 Al

105、l Rights Reserved Garitano Advisors S.L.U.In terms of loyalty,Millennials are 51%loyal to at least one brand in the cosmetics/personal care industry back in 2019Source:Tighe,D.(2020,November 27).Millennial loyalty to Brands Worldwide by category 2019.Statista.Product categories which Millennials are

106、 loyal to globally in 201979 2023 All Rights Reserved Garitano Advisors S.L.U.Millennials were the most influenced in terms of purchasing decisions by social media advertising,with 58%in 2021 in the US Source:Published by Statista Research Department,&10,J.(2023,January 10).Social media influence on

107、 purchase decisions by age USA 2021.Statista.80 2023 All Rights Reserved Garitano Advisors S.L.U.65%of Millennials used social media daily of a few times per week,while 13%never used social media in 2022 in the USSource:Watson,A.(2022,August 18).News consumption on social media U.S.by generation 202

108、2.Statista.81 2023 All Rights Reserved Garitano Advisors S.L.U.Millennials were most influenced by Facebook(30%)as a social media network,with Instagram as the runner up(23%)in 2022 in the USSource:Chevalier,S.(2022,September 23).Most Influential Social Networks on U.S.Millennial Shoppers 2022.Stati

109、sta.Most influential social networks of the US millennials buyers in 202282 2023 All Rights Reserved Garitano Advisors S.L.U.Millennials were the most responsive to brands(59%),with retailers as a runner up with 50%back in 2022Source:Published by Statista Research Department,&25,O.(2022,October 25).

110、Global social media accounts followed and bought from by generation 2022.Statista.Global social media users on accounts followed and bought from 202283 2023 All Rights Reserved Garitano Advisors S.L.U.Internet searches(46%)and television(42%)were Millennials favorite channels for care product ideas

111、in the US in 2021Source:Petruzzi,D.(2022,June 21).United States:Channels used by Millennials For Care Product Ideas.Statista.Millennials favorite channels for care product ideas in the US in 202184 2023 All Rights Reserved Garitano Advisors S.L.U.41.8%of Facebook users in US were Millennials,making

112、up its largest audience,with the smallest audience(3.9%)being teens(13-17)Source:Published by S.Dixon,&9,J.(2023,January 9).U.S.facebook demographics Age 2022.Statista.US Facebook users in 2022,by age groups85 2023 All Rights Reserved Garitano Advisors S.L.U.In US,Millennials(18-25)spend an average

113、of 10.5 hours per week on Tiktok-the most out of other social media and age group Source:Published by L.Ceci,&18,J.(2023,January 18).U.S.top apps weekly engagement by age group 2021.Statista.US app user engagement in 2021,by age group86 2023 All Rights Reserved Garitano Advisors S.L.U.CONSUMERS:Gen

114、X87 2023 All Rights Reserved Garitano Advisors S.L.U.Executive SummaryGen X was the generation with most annual household expenditures(83K)back in 2021 in the US.(S88)Gen X were most influenced by both retailers(54%)and brands(51%),back in 2022.(S91)51%of Gen X used social media daily of a few times

115、 per week,while 29%of Gen X never used social media in 2022 in the US.(S93)The digital shoppers from Gen X barely use social media for shopping.17%used Facebook(17%)in the US&9%Instagram.(S94)88 2023 All Rights Reserved Garitano Advisors S.L.U.Gen X was the generation with most annual household expe

116、nditures(83K)back in 2021 in the USSource:Published by Statista Research Department,&12,O.(2022,October 12).Annual household expenditures by generation U.S.2021.Statista.US annual household expenditures in 202189 2023 All Rights Reserved Garitano Advisors S.L.U.Gen Xs main channels to buy products i

117、n the US in 2022 were“In-Store”(73%)by far,followed by“Online retailer”(53%)Source:U.S.:Main channels for product purchases by age|statista.(n.d.).Main channels to buy products for consumers in the US in 202290 2023 All Rights Reserved Garitano Advisors S.L.U.Gen X clearly prefers“in-store”(60%)purc

118、hases Source:Tighe,D.(2023,January 18).Global Online Shopping Trends by generation 2021.Statista.Preferred shopping methods of consumers,worldwide in 202191 2023 All Rights Reserved Garitano Advisors S.L.U.Gen X were most influenced by both retailers(54%)and brands(51%),back in 2022Source:Published

119、by Statista Research Department,&25,O.(2022,October 25).Global social media accounts followed and bought from by generation 2022.Statista.Global social media users on accounts followed and bought in 202292 2023 All Rights Reserved Garitano Advisors S.L.U.67%of Gen X stated that their favored channel

120、 to be contacted by brands was email,in 2022 in the USSource:Published by Julia Faria,&10,J.(2023,January 10).Gen X top channels to be contacted by Brands USA 2022.Statista.Gen X preferred channels to be contacted by brands in 202293 2023 All Rights Reserved Garitano Advisors S.L.U.51%of Gen X used

121、social media daily of a few times per week,while 29%of Gen X never used social media in 2022 in the USSource:Watson,A.(2022,August 18).News consumption on social media U.S.by generation 2022.Statista.Consumption frequency of news from social media in the US in 202294 2023 All Rights Reserved Garitan

122、o Advisors S.L.U.The digital shoppers from Gen X barely use social media for shopping,17%used Facebook in the US&9%InstagramSource:Chevalier,S.(2022,October 11).U.S.Top Social Commerce platforms by age 2022.Statista.Social commerce platforms most used by digital shoppers in the US in 202295 2023 All

123、 Rights Reserved Garitano Advisors S.L.U.ADVERTISING96 2023 All Rights Reserved Garitano Advisors S.L.U.Executive SummaryThe main medium for ads for beauty and personal luxury was TV(44.6%)followed closely by digital(36%).(S97)The digital ad spending in the US“Pharma&healthcare”made up 11%of the tot

124、al advertising spending in 2022 in the country.(S102)Mobile is overtaking desktop worldwide,with mobile increasingly eating away at desktop use,with 68.7%(mobile)compared to 31.3%(desktop)in 2025.(S110)Search advertising was the mobile advertising format with the highest spending in the US,with 78.5

125、1billion USD in spending.(S112)The digital ad spending in Western Europe in 2021 was largely dominated by display(38b USD)and search(35b USD).(S113)97 2023 All Rights Reserved Garitano Advisors S.L.U.The main medium for ads for beauty and personal luxury was TV(44.6%)followed closely by digital(36%)

126、Source:Published by Julia Faria,&6,J.(2023,January 6).Beauty ad spend share by medium worldwide 2020.Statista.Beauty and personal luxury ad spend share worldwide in 202098 2023 All Rights Reserved Garitano Advisors S.L.U.In 2022,internet advertising spending in Western Europe reached 82 million USD

127、and is expected to reach 96 million USD by 2024Source:Published by Statista Research Department,&6,J.(2023,January 6).Online advertising spending in Western Europe 2024.Statista.Online advertising spending in Western Europe99 2023 All Rights Reserved Garitano Advisors S.L.U.In 2021,UK was the larges

128、t digital advertising market in Western Europe(32b EUR)and together make up 78b EURSource:Published by Statista Research Department,&6,J.(2023,January 6).Western Europe:Digital ad spend by country 2021.Statista.Digital ad spend in Western Europe in 2021100 2023 All Rights Reserved Garitano Advisors

129、S.L.U.From 2020 to 2021,digital audio ad spend in the US increased by 58%,from 3.09 billion USD in 2020 to 4.87 USD in 2021Source:Published by Statista Research Department,&10,J.(2023,January 10).Digital Audio ad spend in the U.S.2021.Statista.Digital audio ad spend in the US101 2023 All Rights Rese

130、rved Garitano Advisors S.L.U.Digital video ad spending in the US is projected to grow from 63.8 billion USD in 2021 to 134.5 billion USD in 2026Source:Published by Statista Research Department,&10,J.(2023,January 10).Digital Market Outlook:U.S.digital advertising spending by format 2026.Statista.Dig

131、ital advertising spending in the US by format102 2023 All Rights Reserved Garitano Advisors S.L.U.The digital ad spending in the US“Pharma&healthcare”made up 11%of the total advertising spending in 2022 in the countrySource:Published by Statista Research Department,&20,J.(2023,January 20).Digital Ma

132、rket Outlook:U.S.Digital Advertising Spending Share by industry 2022.Statista.Distribution of digital advertising spending in the US in 2022,by industry103 2023 All Rights Reserved Garitano Advisors S.L.U.Television(46%),print(46%)and radio(45%)were the most trusted medium for advertising in 2021 in

133、 the USSource:Navarro,J.G.(2023,January 6).Trust in advertising in the U.S.media 2021.Statista.Trust in advertising in the US in 2021,by medium104 2023 All Rights Reserved Garitano Advisors S.L.U.However,in Western Europe,spending in“Television”is decreasing and is being overtaken by spending in“Int

134、ernet”Source:Navarro,J.G.(2023,January 6).Ad spend by medium in Western Europe 2024.Statista.Advertising spending in Western Europe105 2023 All Rights Reserved Garitano Advisors S.L.U.Women(82%)used skin care products on daily basis/several times a week,making them the main decision makers in the co

135、smetics marketSource:Kunst,A.(2019,December 20).Skin care products:Frequency of use by gender U.S.2017.Statista.Frequency of use of skin care products among US consumers in 2017106 2023 All Rights Reserved Garitano Advisors S.L.U.Gen Z(41%)and Millennials(40%)were the two age group segments that spe

136、nt the most on skin care in the beauty sector in the US,2021Source:Petruzzi,D.(2022,March 1).United States:Skin care shoppers,by age group 2021.Statista.Shoppers spending most on skin care in the beauty sector in the US in 2021107 2023 All Rights Reserved Garitano Advisors S.L.U.LOral spent the most

137、 in advertisement for its product“LOral Paris”in the US,with 203 million USD in 2021Source:Published by Julia Faria,&6,J.(2023,January 6).Ad spend of selected Personal Care Brands in the U.S.2021.Statista.Ad spend of selected personal care brands in the US in 2021108 2023 All Rights Reserved Garitan

138、o Advisors S.L.U.Awareness was not impacted by ad spend,as seen with Gillette having the lowest ad spend and similar awareness levels as othersSource:(1)Beiersdorf.In Statista.;(2)Este Lauder.In Statista.;(3)LOral.In Statista.;(4)Avon Products Inc.In Statista.;(5)Coty Inc.In Statista.;(6)Procter&Gam

139、ble Inc.In Statista.;(7)Unilever.In Statista.Impact of brands absolute ad expenditure on different brand metrics for selected brands in the US in 2021109 2023 All Rights Reserved Garitano Advisors S.L.U.In terms of social media,ads will bring the highest ROI(67%)in 2030 in EU,according to a survey a

140、mong leaders of largest e-commerce retailers in EU Source:Published by Statista Research Department,&6,J.(2023,January 6).Top e-commerce Marketing Channels Europe 2020-2030.Statista.Marketing channels yielding highest return on investment(ROI)according to e-commerce retailers in EU110 2023 All Right

141、s Reserved Garitano Advisors S.L.U.Mobile usage as a sales channel has overtaken desktop,making up 63.5%of the sales in 2023 compared to 36.5%for desktopSource:Cosmetics-worldwide:Statista market forecast.Statista.(n.d.).Desktop and mobile split worldwide 111 2023 All Rights Reserved Garitano Adviso

142、rs S.L.U.However,when looking specifically at US and EU,there is still a balance mix between mobile and desktop Source:Beauty&Personal Care-US:Statista market forecast.Statista.(n.d.).Desktop and mobile split in 2022 in the US and EU 112 2023 All Rights Reserved Garitano Advisors S.L.U.Search advert

143、ising was the mobile advertising format with the highest spending in the US,with 78.51billion USD in spendingSource:Published by Statista Research Department,&6,J.(2023,January 6).Mobile ad spend in the U.S.2017-2026.Statista.Mobile ad spend in the US by format113 2023 All Rights Reserved Garitano A

144、dvisors S.L.U.The digital ad spending in Western Europe in 2021 was largely dominated by display(38b USD)and search(35b USD)Source:Published by Statista Research Department,&6,J.(2023,January 6).Western Europe:Digital Ad spend by format 2021.Statista.Digital ad spend in Western Europe 2021,by format

145、114 2023 All Rights Reserved Garitano Advisors S.L.U.66%of consumers in North America and 50%in Europe took no action on mobile advertising worldwide as of Sept.2021Source:Published by Statista Research Department,&6,J.(2023,January 6).Mobile Advertising Response Worldwide 2021.Statista.Consumers wh

146、o took no action on mobile advertising worldwide in 2021115 2023 All Rights Reserved Garitano Advisors S.L.U.Online audio is expected to take larger share of consumers media time than what is being invested in itSource:Navarro,J.G.(2023,January 6).Time spent with media vs.ad spend in the U.S.2022.St

147、atista.A number above 0 indicates that the mediums share of advertising spending is larger than its share of consumption,and a number below 0 indicates that the mediums share of advertising spending is smaller than its share of consumption.Difference between advertising spending and time spent with

148、selected media in the US in 2022(index score)116 2023 All Rights Reserved Garitano Advisors S.L.U.Though still early in the development of the metaverse,“Cosmetics”has its place in it with 166 bn USD of potential sales in the US in 2022Source:Alsop,T.(2022,July 5).U.S.Metaverse Potential Consumer Expenditure Tam.Statista.US metaverse potential consumer expenditure TAM 2022117 2023 All Rights Reserved Garitano Advisors S.L.U.THANK YOU