- Millennials are known for shopping around rather than sticking to one brand.
- Their shopping habits have created an opportunity for emerging brands to enter the market.
- In a recent survey conducted by Goldman Sachs and Conde Nast, a group of consumers between the ages of 13 and 34 were asked to list the new brands that they are hearing about or shopping at more now versus last year.
Millennials may have lots of good qualities, but brand loyalty isn’t one of them.
This generation is known for their tendency to shop around, and the rise of e-commerce and mobile shopping has given them the necessary tools to do so.
While this may have created a tougher environment for legacy brands, it has also given more opportunity for newer brands to enter the market.
In an annual survey conducted by Goldman Sachs and Conde Nast called the Love List, a group of consumers between the ages of 13 and 34 were asked various questions about their shopping habits and preferred brands. 1,489 US consumers, as well as 1,174 Conde Nast “It Girls” (a group of Conde Nast readers who tend to be more affluent), were surveyed for the report.
In one question, shoppers were asked to name the fashion, athletic, or beauty/grooming brands that they have bought from or are hearing about today but weren’t focused on last year. The results were then split out by established and emerging brands.
Here are the 12 up-and-coming brands highlighted by these consumers:
Skincare brand GlamGlow was originally created for professionals working with celebrities in the entertainment industry. It is now available for purchase online and in stores such as Macy’s, Nordstrom, and Sephora.
It’s best known for its mud masks, which cost between $59 to $79, depending on size.
Rihanna’s beauty brand, Fenty, which is owned by the world’s largest luxury retailer, LVMH, only launched in 2017 but is already making waves in the beauty industry. Its products range from $19 for a lipstick up to $38 for powders. The collection is currently sold online and in Sephora stores in the US.
Operating almost exclusively online, Glossier is leading the way in beauty products. It has attracted more than $86 million in funding since founder Emily Weiss began selling beauty products in 2013. Revenues reportedly tripled from 2016 to 2017.