"Chasing Rich": 64% of Gen Z use dupes as Millennials and Gen Z redefine luxury in beauty



In partnership with global market research firm Mintel, a recent report released by Base Beauty Creative Agency sheds light on how Millennial and Gen Z consumers are reshaping the beauty and personal care industry with their aspiration-driven purchase behavior. The report titled “Chasing Rich” delves into how these younger consumers’ beauty purchases reflect their taste and the values and lifestyles to which they aspire – sometimes at a high personal cost.

Rachel Howard, Director of Owned Media at Base Beauty Creative Agency, shared the report’s key takeaways and timely insights into attracting and retaining these consumers as the 2024 holiday shopping season is underway.

Understanding aspiration-driven consumer segments

The report categorizes aspiration-driven consumers into distinct groups based on how they view and prioritize wealth in their purchasing decisions: “Being Rich,” “Playing Rich” and “Living Rich (but in Debt).” According to Howard, these categories reveal distinct behaviors and motivations among Millennial and Gen Z consumers that can inform targeted marketing approaches.

“Being Rich” 

Consumers with wealth tend to seek high-end, luxury brands, viewing quality, exclusivity and premium experiences as essential. “This group often gravitates towards well-established brands known for their legacy and superior results,” Howard noted. 

Social media, mainly through celebrity endorsements and partnerships, has made luxury lifestyles more accessible to aspirational consumers. Figures like Gwyneth Paltrow have tapped into this trend by expanding into consumer products, such as her goop line and partnerships with brands like Ruggable.



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