Millennials’ All-Time Favorite Beauty Brands, Ranked

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Millennials are careful with the money they spend on beauty and drawn are to brands with a perceived value, according to a new report from Bank of America examining the beauty purchasing decisions of women aged ages 18 to 29 years old. CoverGirl was tops in the list of millennials' favorite beauty brands, the Today show reports, followed by Maybelline and then Neutrogena (which earned the number one ranking in skincare). Pricier brands like Clinique, MAC, Bare Minerals, and Urban Decay came in next, followed by Bath & Body Works, Revlon, and Victoria's Secret. See the full list of 25 brands here.

Of the 1,000 women surveyed, 80% deemed "value" and "product quality" as the most important factors in terms of making a beauty purchase. They claimed not to be swayed by marketing, with only 10% picking "saw on social media" and "brand is cool" as an important reason for making a purchase.

"It's not just about price, it's about what you get for what you're paying for. Millennials have to prioritize purchases with a desire to buy more, but have to be careful with what they're spending," Bank of America Merrill Lynch research analyst Olivia Tong told Today.

Meanwhile, news that shows shoppers aren't buying celebrity fragrances anymore appears to be true for millennials. Taylor Swift's perfume was the only celeb fragrance with more than 10 users in the study. Survey respondents picked Marc Jacobs as the top fragrance, but they were more into body mist than perfume.