In 2024, Gen Alpha dominated the beauty industry. They entered the year with a bang, fresh off the “Sephora kids” scandal that took place during the holiday season and set into motion a Drunk Elephant mania that sparked debate among parents and beauty industry experts over which beauty products are safe for kids. While Gen Alpha was obsessing over Drunk Elephant, the beauty industry was fixated on them, scrambling to launch products that cater to this young demographic. This frenzy drove a notable spike in beauty spending, defying the economic downturn.Yet, as brands rushed to win over Gen Alpha, a more strategic opportunity emerged: older millennials. These consumers, now in their late 30s and early 40s, hold deep brand loyalties and significant purchasing power—not just for themselves but also for their Gen Alpha children. Recognizing this, several heritage brands have revitalized their iconic franchises to align with millennials' evolving needs. These brands are stepping into a new era, shifting focus from what millennials once wanted to what they value now.At the same time, newer brands are acknowledging that millennials have been vastly underserved by the beauty industry and are stepping in to fill that role in the market. By tapping into nostalgia while addressing their current priorities, brands can build deeper, long-term connections, potentially outlasting the fleeting appeal of targeting the youngest generation.Heritage Brands' Plan to Win Back MillennialsThe recent evolution of Estée Lauder exemplifies this strategic shift.