52% of Gen Zers Feel Bad About Being Influenced By Social M…


52% of Gen Zers Feel Bad About Being Influenced By Social Media To Overspend On Beauty Products 

The ugly truth is that beauty products is putting many Americans in a bad financial spot.

New results from a LendingTree survey of nearly 1,950 U.S. consumers, Americans spend nearly $2k/year on beauty products, cosmetics and services. More than half of respondents says there were influenced to spend more than they should by social media.

“Three-quarters of Americans (75%) say beauty products, cosmetics and services are important to them, as proven by consumers spending an average of $1,754 a year on related purchases,” the report says. “That rises with younger generations to an average of $2,670 among millennials and $2,048 among Gen Zers. Across generations, most of this spending is on skin (30%) and hair care (30%).”

Some respondents says they spend on skincare, cosmetics and other beauty items as a form of self-care, but this can end up being harmful down the line.

“Small costs can add up,” said LendingTree senior director of content Ismat Mangla in a statement. “When people are feeling economic pressure, it may be harder to splurge on big-ticket items, but things like skin care and beauty products are very attractive and appealing to spend on because they’re attainable luxuries. So we may buy beauty products without realizing how much we spend.”

According to the report, the spending varies by generation.

Gen Zers (ages 18 to 26) spend about $2,048, Gen Xers (ages 43 to 58) spend $1,517 and Baby boomers (ages 59 to 77) spend $494.

The full report can be found here.

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