The Makeup of Millennials’ Beauty Routine

Posted by on May 16th, 2013 | No Comments

With summer just around the corner, many of us women change our beauty routine accordingly. I often spend less time getting ready so I can spend more time outside. I look for products with more SPF and focus less on heavier coverage with foundation and powder. And I’m not the only one!

In our latest research and infographic, we spoke to female Millennials about their beauty routine and uncovered that 58 percent purchase different makeup products for the summer and winter seasons. They also prioritize keeping their skin shielded from the sun’s rays, with 81 percent saying it’s important to have SPF in their foundation and 86 percent saying SPF is a must-have in moisturizer.

Female Millennials are particularly brand loyal to their favorite makeup brands, with nearly 7 in 10 women (68 percent) saying that even in a tough economy, they would opt for their preferred brands rather than a less expensive product.

Although the majority is brand loyal, free samples and discounts continue to drive beauty purchases, with free samples being the number one way to influence women to try a new brand of makeup. Among the 42 percent surveyed who follow beauty brands on social media, nearly half (45 percent) have received a discount as a result of following that brand.

Still, for the Gen-Y woman, makeup is more than just skin deep. Ninety-five percent use makeup to enhance their features, and three out of four female Millennials surveyed don’t mind spending money on makeup because it helps them feel good.

Click on the infographic below for more insights!

Millennials & Makeup Infographic - FINAL

Think Market Research Isn’t Sexy? Think Again!

Posted by on May 10th, 2013 | Comments off

Market research sometimes gets a reputation for being an ‘unsexy’ industry, but as a market researcher, I couldn’t disagree more! Think about it. As market researchers, we are the first to know about the latest consumer trends, the first to be in on a secret. Our constant curiosity and ability to be ‘in the know’ also helps us converse with others easily. We’re encouraged to ask open-ended questions to learn more and as a result, must be good listeners to fully capture their response. Just by listening to people around us, we can gain great insight into consumer behavior.

Listen

Still, we also realize it’s not all about us. Market research empowers respondents to share ideas and opinions. There’s nothing sexier than having the confidence to be yourself and express your opinion. In a way, respondents can lead a sexy, double-life: 9-5 employee by day, passionate idea sharer by night. And in targeting specific audiences, we’re able to find those very consumers who are passionate and comfortable sharing their thoughts. What’s meaningful and important to them is important to us as researchers.

Generally, people associate our industry with people standing in a mall, calling you while you are eating dinner, or sending e-mails with prompts to take surveys containing countless grids and radio buttons.  But it couldn’t be further from the truth. Sure, the surveys could use a little spicing up every now and then, but having the privilege to dive into consumer insights and be in the know before everyone else is truly sexy!

Inside the Money Mindset of Millennials

Posted by on April 23rd, 2013 | Comments off

Prior to Tax Day, we looked at Millennials’ habits and preferences when it came to filing their taxes. In our newest Lab42 market research study and infographic, we dove deeper into the money mindset of Millennials, gaining insight into their saving and spending habits overall.

Among the highlights, we found that nearly 9 in 10 Millennials create a budget for themselves, with the majority saving money and paying off debts. When it comes to the  extra money from their paychecks, we found that 66 percent of Millennials save it, and 18 percent use the surplus to pay off debts. Just 14 percent spend their spare cash.

Millennials with debt appear to be particularly budget-conscious. Of the 60 percent surveyed who have some form of debt, 83 percent budget a specific amount each month to pay it off. The number one form of debt was credit card debt, followed closely by student loan debt.

To keep an eye on spending and budgeting, Millennials increasingly rely on tech-based solutions: over half (52 percent) use a banking app to manage their bank accounts from smartphones and tablets. 42 percent have used the mobile check deposit feature from a banking app to deposit money into their bank accounts by taking photos of checks.

For more on Millennials’ money mindset, click on the infographic below!

Millennials Money Mindset - FINAL

Are Millennials On Top of Their Tax Returns?

Posted by on April 2nd, 2013 | Comments off

Tax Day is right around the corner. In our latest Lab42 study, we conducted research on Millennials, surveying 500 consumers, ages 18-34, who manage their own finances, to determine their habits and preferences when it comes to filing their tax returns.

Are they procrastinators, waiting until the last minute to file or planning to file an extension? With a weak economy and limited disposable income, are their tax refunds burning a hole in their pocket? The results may surprise you.

Taxes online

The survey, conducted from March 18 to 21 2013, found that nearly three-quarters of Millennials surveyed (73 percent) had finished filing their 2012 tax return at the time of the study, suggesting that, as a generation, they may be more financially responsible than people think. Nineteen percent had not finished filing, and 8 percent were not filing 2012 taxes.

Among those filing, they did so with time to spare: 71 percent filed at least one month prior to Tax Day. Just two percent plan to file the day of or day before, and only one percent plan to file an extension.

Many Millennials rely on a self-sufficient solution when it comes to their tax return: 41 percent rely on tax software, and among those, nearly two-thirds (64 percent) use Turbo Tax. Millennials are also brand loyal when it comes to tax software: 85 percent use the same software every year, with many citing access to their previous tax returns as particularly convenient.

When it comes to tax refunds, 89 percent of Millennials surveyed either received or expect to receive one this year. As a group, they prove to be responsible when it comes to putting that refund to good use: the majority (56 percent) plan to save it. What’s more, over a quarter of respondents (26 percent) plan to pay off debts. Just 18 percent plan to spend it.

We’ll be featuring more Millennial money mania later this month. Do they think they are more financially responsible than their friends? Do they follow a budget? Stay tuned!

A Patient Look at Healthcare

Posted by on March 19th, 2013 | Comments off

In our latest Lab42 market research study and infographic, we spoke to consumers about their current healthcare habits and hiccups. With healthcare costs on the rise, many are forced to weigh several options and decisions, often in an effort to save money.

For example, 43 percent have refused medication prescribed to them because it was too costly, and nearly half of consumers surveyed—45 percent—do not go to the doctor as often as they think they should, with the top reason being that it’s too expensive.

With all these attempts to save, it raises an important question for health insurance companies, providers and consumers: does it cost too much for today’s consumer to receive the best care possible?

Many consumers opt for generic medications as a way to cut costs and still receive the treatment recommended by their doctor. Specifically, 62 percent choose generic every time or most of the time, even when the medication is covered by insurance. That number jumps to 75 percent, when medication is not covered by insurance.

Brand names do matter, however, when it comes to choosing a health insurance company, according to nearly half of consumers surveyed, with Blue Cross Blue Shield topping the list of those providing the best coverage.

Still, 57 percent said they do not fully understand what their insurance covers, and consequently, may not be realizing the full benefit and value offered by their insurance company.

Click on our infographic below to learn more:

Lab42 Healthcare Infographic - FINAL

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