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HomeMarket Trends2023 Beauty Industry Consumer Trends Unveiled by Bolt

2023 Beauty Industry Consumer Trends Unveiled by Bolt

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75% of shoppers would pay more for beauty products to get personalized online shopping experiences, says a new survey by Bolt.

Bolt, a leading checkout technology company, has released a comprehensive report shedding light on the expectations of shoppers, particularly Generation Z, in the beauty and skincare industry.

The report, based on a survey of over one thousand U.S. consumers, highlights the increasing role of AI in shaping consumer expectations and the need for brands to embrace diversity, inclusion, and hyper-personalization.

1. The Power of Personalization

The report reveals that personalization holds significant sway over consumers’ purchasing decisions. A staggering 75% of shoppers expressed a willingness to pay more for beauty and skincare products if they receive personalized online shopping experiences.

Gen Z consumers, in particular, are willing to pay over 10% more for beauty products that offer custom and curated online shopping journeys, with 57% open to paying an even higher premium of 11-20%. This presents a lucrative opportunity for brands to create personalized connections with customers, especially among younger generations.

2. Customer Identity and Inclusivity

The key to unlocking this potential lies in customer identity. With 58% of shoppers emphasizing the importance of diversity and inclusion in their beauty and skincare purchases, brands must cater to a wider range of consumer profiles.

By leveraging customer identities, such as unique skin types or sensitivities, beauty brands can create a more inclusive and customized customer experience, fostering genuine connections with shoppers and driving growth.

3. AI’s Role in the Digital Beauty Landscape

AI technology is rapidly gaining traction in the beauty industry, enabling brands to deliver personalized experiences and address consumer demands. The report reveals that 62% of shoppers, including a staggering 80% of Gen Z, are more likely to purchase a beauty product if they can utilize technology to find their perfect formula.

Moreover, 43% of shoppers would prefer to shade-match foundation through AI online rather than testing it in-store. This preference is shared by approximately half of Gen Z, Millennial, and Gen X cohorts, highlighting the significance of AI and personalization in providing a curated digital shopping experience that is accessible and inclusive.

Getting Personal for Long-Term Success

Shilpi Narang, SVP of Customer Experience at Bolt, emphasizes the importance of personalization for brands to stay ahead. By truly understanding shoppers’ identities, skincare and beauty brands can create tailored experiences that resonate and foster a deeper sense of loyalty with their target audiences. This represents an engaging opportunity for beauty and skincare brands to capture the 45% of shoppers who have not purchased a product because of the lack of personalized options.

To access further insights from the beauty report, visit bolt.com/lifetime-beauty-report.

Methodology

Bolt conducted the survey in partnership with YouGov, polling 1,038 adults in the U.S. who had purchased beauty and/or skincare products online within the past six months. The survey respondents comprised 53% female and 47% male participants, with 10% belonging to Gen Z, 35% to Millennials, 27% to Baby Boomers, and 3% to the Silent Generation. The results were weighted to be representative of all U.S. adults aged 18 and above.

About Bolt

Bolt revolutionizes the checkout process for businesses, offering frictionless shopper recognition, account creation, and secure one-click checkout solutions. By helping retailers build lasting customer relationships and increase conversion rates, Bolt’s platform connects hundreds of customer-centric retailers, such as Fanatics, Revolve, and Casper, to millions of shoppers. The universal account network seamlessly integrates with retailers’ native checkouts, enabling personalized shopping experiences and streamlined transactions.

Learn more at bolt.com.

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