The highest number of “Later Lifers” can be found in Asia Pacific, where in 2014 there were 508 million people over 60. Much of this can be attributed to China, which is the fastest growing ageing market with over 60s forecast to grow by more than 46 per cent between 2014 and 2030. Japan already has the oldest population, with a massive 33 per cent aged over 60. Japan is a model on the impact of this demographic shift. Western Europe also has a number of older populations, with Germany just overtaking Italy in 2014 in this regard. While most developed markets are relatively old, the US remains quite young, due to high levels of immigration.
As far as beauty and cosmetic products are concerned, a range of socioeconomic indicators, including growth in the population and stable disposable income, highlights the growth opportunities that the over 60 year old consumer group offers.
Beyond standard anti-ageing products
Although a growing number of claims from skin care, hair care, sun care and colour cosmetics target signs of ageing, Euromonitor’s survey found that in the over 60 year old age group, bigger proportions of consumers use facial and body moisturisers without explicit anti-ageing claims. Only about 35 per cent of respondents on a global level stated that they used anti-ageing products in the three months prior to the survey.
According to Euromonitor, there are gaps in the anti-agers market to address certain signs of ageing. “Anti-ageing portfolios need to clearly segment the prevention / protection stages to target more mature consumers’ needs through reversing the signs of ageing and offering cell renewal properties, as, for example, L’Oréal Paris Age Perfect Cell Renew Night Cream has done.”
Furthermore, only about one third of over 60 year olds have adopted a complex anti-ageing routine, and there is significant room to expand usage frequency in this growing and relative affluent consumer base.
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