Ryan Mckeever | E+ | Getty Images

Move over, Sephora kids.

While younger generations have been buying beauty products in droves, data shows that a different generation holds more spending power: Generation X.

Often dubbed the "forgotten generation," Gen X spans those born between 1965 and 1980, according to Pew Research Center. Sandwiched between baby boomers and millennials, the often-overlooked generation hasn't held the spotlight nearly as much as its counterparts.

But experts said it may be one of the most important generations for the beauty industry over the next few years.

Gen X will be the consumer spending leader globally through 2033, surpassing $20 trillion in spending power, according to data from NielsenIQ.…