Now that millennials are moving onward and upward in their careers and their earning power is increasing, brands are investigating just where this generation is spending their money. Recently, Bank of America Merrill Lynch surveyed millennial women on their preferred cosmetic brands. While higher-end brands such as MAC and Clinique scored higher in terms of prestige, drug store brands dominated the list of the top 25 brands millennials shop for. The results of the survey shed light into not just spending habits, but also what women in their late teens and twenties value.
Drugstore favorites Cover Girl, Maybeline and Neutrogena topped the list, with MAC and Clinique rounding out the top five. An overwhelming 80% of the women surveyed reported that they were looking for products that offered both quality and good value. Many women who covet more expensive makeup brands also indicated that they would likely trade up in the future, as their salaries increase. Convenience was a decision-making factor too. Super stores like Target and Wal Mart proved to be the most popular location for beauty purchases, but speciality stores such as Sephora and Ulta came in second.
Aside from brand and shopping preferences, the study revealed that 33% of women report opting to do their own nails versus hitting up salons, and that OPI is their polish of choice. 35% of participants also claimed that they wear perfume on a daily basis.
Did your favorite brand make the list? Let us know in the comments.