Understanding the key purchase drivers and expectations of the growing demographic of senior consumers is becoming a strategic priority for beauty players. Over 60s will account for 12% of the global population in 2015 to 17% by 2030, providing rich opportunities for companies that get their products, services and purchase experiences right for this lucrative consumer segment. Although the senior market is increasingly diverse and it is not a homogenous group, identifying key characteristics should provide insights into lasting growth prospects.
Both in skin and hair care the most desired functional benefits ensuring healthy looks, such as hydrated skin and healthy, dandruff-free scalp, significantly outweigh anti-aging claims. While 63% of Euromonitor International’s Beauty Survey respondents over 60-years-old selected moisturising/hydrating as the most desired product feature in their skin care products, only 38% of them sought out anti-aging claims. Wrinkle prevention and wrinkle minimising properties do not even make the top five priority features for this age group and in hair care, grey hair camouflaging was selected by less than one fifth on the respondents.
Most desired product features in skin care and hair care by 60+ year-old respondents
Source: Euromonitor International Beauty Survey, conducted between April and May 2015 in 21 markets (US, Mexico, Colombia, Brazil, United Kingdom, France, Germany, Italy, Turkey, Poland, Russia, Nigeria, South Africa, Middle East, China, Japan, South Korea, India, Indonesia, Thailand, Australia) across skin care, hair care and colour cosmetics.
Beauty product ranges targeting the over 60s consumer base have to focus on offering to aid healthy appearance at all life stages rather than to turn time back. Additionally, the claims have to be specific about any skin concern they are targeting, e.g. lifting/firming or texture …
