5 November 2024
How to capture the beauty spend of Gen Z travellers
Vogue Business
Bruised by recent challenges in travel retail, beauty brands are looking to Gen Z for growth. This generation is projected to account for 30 per cent of all travellers by 2030, despite comprising only 20 per cent of the global population. However, while previous generations flocked to duty-free for exclusive deals, Gen Zs are more interested in sharing their ‘airport tray aesthetic’ on TikTok than snapping up the latest beauty bargains when heading abroad.
“This generation has a fantastic appetite for travel. They’ll be a key consumer group of tomorrow, and they’re looking for something very different from previous travellers,” notes L’Oréal travel retail president Emmanuel Goulin.
Despite a post-pandemic recovery, last year’s travel retail sales growth of 18 per cent lagged significantly behind the 30 per cent rise in passenger numbers — the first time this disparity has been observed, finds new research by global management consultancy Kearney. Historically, growth in travel retail has mirrored that of air passenger numbers. Against this backdrop, this year’s TFWA World Exhibition and Conference, the travel retail industry’s largest annual gathering, unfolded in Cannes in September. There, beauty brands highlighted the need to transform traditional retail experiences into tech-driven, engaging and value-aligned interactions that speak directly to Gen Z’s distinct preferences.