Recently, I did a little research on cosmetic companies that target Millennials, those born in the early 1980s to the early 2000s, and found that drugstore brands are the main competitors on the cosmetic end, though Millennials do also “splurge” on brands like MAC Cosmetics and other high-end brands. Why? Well, you could think that because many Millennials are younger and are just starting out in their careers, they may not have the same purchasing power as Baby Boomers who are more capable of spending more money because of their current and past successes. This isn’t necessarily so.
Millennials spend money, especially on desired items. According to Forbes, the 80 million millennials in the United States have an annual purchasing power of around $200 billion! Making up approximately one-fourth of the population in America, Milliennials are trendsetters in many different industries, especially fashion and cosmetics.
Esteé Lauder watched this escapade expand and felt that it was time to branch out to the younger generations and offer products that are more targeted to them with their launch of Estée Edit by Estée Lauder, “an 82-stock-keeping-unit makeup and skin-care collection offered at Sephora and on sephora.com” (Naughton, 2016), which was released yesterday, March 15, 2016. This new collection is more representative of Esteé Lauder herself, who was rebellious and “built her beauty empire based on her believe that ‘Beauty is an attitude'” Sarah Creale, the creator of the Esteé Edit. In this video, Creale explains the inspiration and need for the collection and provides basic knowledge of the main product types in this line.
Promoted by Kendall Jenner and blogger Irene Kim, this makeup line will see success within a short period of time, I suspect. I haven’t gone to test out the products yet, but if it anything like its original products (especially lipsticks), I know I will be a fan, especially since it is more fine-tuned to our “needs” with a more-exciting packaging compared to the classic gold packaging. I’m excited to watch the growth of this line and see if it lives up to my expectations.
Read more about it here. ( Naughton, Jan. 2016)