Luxury cosmetics brands need to be acutely aware of who is buying their products, not just what’s selling well. Consumers can choose to purchase from an unbelievable number of cosmetic brands, so why is your product worth their hard-earned money? To get a clear understanding of what buyers are looking for, brands need to take a closer look into psychographic data to understand the cognitive factors that drive consumer behaviors.
What’s a psychographic anyway? Psychographics are audience types and consumer segments that help brands understand who is buying what. They are typically comprised of detailed information and help brands understand the cognitive factors that drive consumer behaviors. Brands that can market to optimal psychographic segments — those with significant buying power — will excel in a saturated and competitive marketplace.
Who’s Set to be 2022’s Biggest Spenders?
The team here at Simporter used our White Space AI tool to analyze 12 psychographics (aka audience types) to forecast who will buy the most in 2022. Psychographic opportunity scores are determined by looking at both share of voice (a leading indicator of market share) and year-over-year growth rate.
Loners
Loners are the most likely to spend big on luxury cosmetics in 2022. With a decent 6.53 percent share of voice, we predict Loner spending will grow significantly to the tune of nearly 180 percent year-over-year.
This consumer segment will continue to have the spare time and disposable income they had during the pandemic, so they’ll be eager to spend on luxury cosmetics products, especially on foundations. Brands should focus on Loners who are constantly engaging with online content and are always in a position to make a purchase.
Models
Models present the second-highest potential for the new year, predicted to grow by a noteworthy 152.17 percent. This psychographic is always in tune with the latest beauty and cosmetics trends, so it will likely hold a lot of buying power in 2022.
Models taking after household names like Gigi and Bella Hadid will spend big on luxury cosmetics products in the new year. Just the two Hadid sisters have 70.5 million and 46.5 million followers, respectively. So, if brands pay attention to major influencer preferences in the Models category, they’re sure to come out ahead of their competition.
Bloggers
Bloggers are not going anywhere anytime soon and will only increase their influence in 2022, predicted to grow 59.86 percent. Influencers like Patrick Starr, who launched ONE/SIZE in July 2020, will continue to spend more and significantly influence their loyal follower bases and spending habits.
With TikTok and Instagram continuing to grow and expand their reach, Blogger influence will only grow as well. Bloggers are no longer confined to launching their content on a static website. Instead, they can readily engage with their readers through various methods, all day, every day. By creating luxury cosmetics content related to their blog posts, Bloggers will leverage their buying power to generate new engagement and keep existing readers coming back for more.
Celebrity Followers
Consumers who follow celebrity beauty icons like Kylie Jenner and Rihanna have a massive 11.10 percent share of voice. Our data suggest that celebrities will significantly influence spending patterns in 2022, with our team predicting this psychographic will increase by 32.94 percent.
Buyers will be looking for celebrity-endorsed brands that represent their unique beauty needs. Celebrities make consumers feel connected to a brand, and having a reputable spokesperson like Alicia Keys or Lady Gaga will go a long way.
Athletes
With sports back (finally!) and gyms, stadiums, and sports arenas open across the nation, Athlete spending is predicted to grow 21.17 percent in 2022. Athletes are back in front of cameras, audiences, and the press, so they’ll return to pre-pandemic beauty spending habits. Everyday consumers with athletic tendencies can play sports or exercise with others in person and, as a result, want to invest more into their cosmetics routines.
Socialites
Socialites round out the bottom of our predicted winner’s list, expected to spend 12.17 percent more spending in 2022 compared to 2021. Socialites live off of being seen, being in the spotlight, and most importantly, being on-trend. Word-of-mouth marketing is critical for a brand’s success, so staying relevant among socialite groups such as the Real Housewives of Beverly Hills should be a focus heading into next year.
Office Workers
As Office Workers return to pre-pandemic routines, they’ll be consolidating their beauty routines and looking for products that provide the most bang for their buck. So, our team predicts Office Workers, who have a massive 33.64 percent share of voice, will spend 12.78 percent less than they did at the height of the pandemic. While Office Workers will have disposable income, they won’t be spending it on luxury foundations such as this one from La Mer. Instead, we anticipate Office Workers will allocate those funds towards experiences, quality time with family, and other household necessities unrelated to their cosmetics routines.
Active Lifestyle
Active Lifestyle spending will decline 17.83 percent in 2022. Just like Office Workers and athletes, this psychographic is all about on-the-go convenience, and they’ll be buying their luxury foundations products accordingly. This consumer segment will want to get more done with less time, effort, and money. Foundations that provide multiple benefits to consumers, like this SPF foundation from It Cosmetics are likelier to succeed over traditional, one-note luxury products. For more details, analysis, and insights about expected Luxury Cosmetic trends and how buyers with an active lifestyle will behave in 2022, check out our White Paper here.
Young Moms
Young Moms are likely Gen Z or young Millenials at the oldest, so they’re usually working with limited budgets and minimal disposable income. Due to lack of funds and restricted spending, Young Moms are more likely to buy new clothes for their children before spending money on luxury foundations. Young Moms hold a 20.66 percent share of voice, but we predict they will spend 21.41 percent less than they did in 2021.
TV Lovers
While TV Lovers might come as a surprise at the bottom of our predicted loser’s list, this psychographic is likely to see an impressive 247.83 percent decline despite already owning such a tiny 0.43 percent share of voice. TV Lovers are precisely where you’d think they’d be — right on the couch, watching TV. So, they simply don’t need or want luxury foundations or cosmetics products in the way other consumer segments do.
For more insights on luxury cosmetics trends, check out our recent webinar here. If you’re ready to see Simporter AI in action and learn what it can do for you, request a demo on our website.
