Additional research reveals self-expression and self-care enhance connections and ignite joy for beauty shoppers, with men outpacing women in beauty spending

COLUMBUS, Ohio - Jan. 9, 2025 - A new study from Bread Financial® (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, and Ulta Beauty (NYSE: ULTA), the nation's largest beauty retailer, reveals consumers are seeking a holistic approach to beauty as they kick-off the new year, embracing self-care and personal expression as critical components of their daily beauty and wellness routines. Approximately three in four respondents (74%) prioritize self-care and wellness in their beauty rituals, with younger generations leading the charge.

Beauty rituals are a form of self-expression and joy
Forty-six percent of consumers indicated using beauty products to bring joy into their lives, demonstrating a desire to embrace beauty inside and out as a means of happiness, calm, and self-fulfillment. In fact, one in three respondents (34%) say beauty routines are a form of expressing one's true self. Gen Z is leading the trend, with 52%using beauty products to showcase different aspects of their personal identities and styles, closely followed by Millennials (48%). By contrast, only 33%of Gen X and 20%of Boomers report the same.

Evening skincare routines are a cherished ritual, with 38%of respondents enjoying this time to unwind, especially Gen Z (47%) and Millennials (45%). Fifty-two percent of consumers find relaxation through soothing practices such as face masks or bath soaks, with Gen Z (62%) and Millennials (60%) particularly valuing these self-care moments.

The power of (beauty) community
The role of community is increasingly shaping beauty trends, with nearly half of respondents (47%) looking to friends for beauty and grooming advice. These connections go beyond practical tips, sparking joy and creating shared experiences. In fact, nearly one-third (29%) of respondents, particularly Gen Z (43%), find happiness in getting ready with friends. Beauty rituals have transformed from personal routines into social bonding moments, with 13%of people using them to connect with others.

"We're excited to see younger generations redefining beauty as a source of joy and connection," said Kelly Mahoney,senior vice president of customer and growth marketing at Ulta Beauty. "Our research reveals that consumers, especially Gen Z and Millennials, find happiness in shared beauty experiences, from collaborative beauty rituals among friends to discovering the latest trends together. These insights underscore the important connection between beauty, wellness, and joy, which is central to the experiences we seek to deliver for Ulta Beauty's guests and 44 million loyalty members every day."

Men are breaking beauty boundaries
Men are also turning to beauty as a source of joy and self-care. In fact, men are spending more than women on beauty and grooming products, with an average monthly spend of ~$90 on personal care and grooming products compared to the average woman's spend of ~$80. The top products that spark joy for men are haircare (61%), skincare (60%), bath and body products (58%) and fragrances and colognes (54%). Men's passions across categories (and spending) reinforce not only a desire for self-care but also self-expression.

"Despite economic uncertainty, beauty spending remains resilient, particularly among Gen Z and Millennials, and men, who are outpacing women in their beauty and grooming purchases," said Valerie Greer, executive vice president and chief commercial officer at Bread Financial. "As we head into the new year, our research indicates that consumers will be particularly focused on value, including redeemable rewards and offers, to make the most of their beauty budgets."

Survey Methodology
This was an online survey of 1,849 U.S. respondents who are aged 18+, that was conducted from Sept. 3 to 4, 2024.

About Ulta Beauty
At Ulta Beauty, the possibilities are beautiful. Ulta Beauty is the largest U.S. beauty retailer and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products and salon services. In 1990, the Company reinvented the beauty retail experience by offering a new way to shop for beauty - bringing together All Things Beauty, All in One Place®. Today, Ulta Beauty operates more than 1,400 retail stores across 50 states and also distributes its products through its website, which includes a collection of tips, tutorials and social content.

For more information, visit www.ulta.com.