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Revealed: Young men spend more on beauty throughout 2022

By Rebecca Hitchon | 25 November 2022 | News

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Revealed: Young men spend more on beauty throughout 2022

Research by software company, Voyado, has analysed buying trends for 2022, finding that men aged 18-25 have increased spending for health and beauty.

The Voyado Shopping Index, which collates over 164 million purchase occasions to provide shopping behaviour analysis and insight from across the UK and Nordics, shows that consumers have been buying more but spending less in 2022.

Despite an increase in shopping frequency in the health and beauty market, the number of products bought per transaction has decreased among consumers aged 18-25 and 45 and over. The only demographic to have increased spending is men aged 18-25.

The Index also reports a strong rise in customer returns, particularly among women. On average, returns have increased by 13% across all categories tracked: Health & Beauty, Sports & Fashion, DIY & Home Improvement, and Electronics.

During 2022, email click rates have decreased by 32% in the health and beauty category. It is thought that with the number of emails sent per shopper increasing by 30%, there is less opportunity for brands to be unique with their email marketing, therefore consumer interest is low.

However, the Index reveals some positive statistics, including that the average time gap between purchases has decreased. This means that with each purchase, the possibility that another will be made has increased. This time gap is smaller for men than women.

Courtesy of Linkedin.com

Per Akerberg, chief executive of Voyado, comments: “What has impacted shopping behaviour in the past 12 months is primarily the economic situation; it has caused a decline in overall consumer spending, and brands are under pressure to adjust to post-Covid shopping behaviour.

“I think customers’ hunt for a bargain is going to drive more traffic online – it’s far easier to shop around and compare prices on the internet, compared to in-store. We will likely see brands try to foster deeper connections with customers through live shopping and social commerce.”

Read the full Voyado report here.