Asian seniors are a driver of growth according to numbers. For instance, Chinese senior consumption is expected to grow strongly, as the total consumption related to China’s senior industries reached 3.7 trillion CNY ($560 billion) in 2018 and is expected to reach 5.7 trillion CNY ($866 billion) by 2021 and 61.26 trillion CNY ($9.3 trillion) by 2050 (Source: 2019 Chinese Silver Consumption Market Research). In Korea, Active Seniors and Silver Surfers are rapidly emerging as important consumers with financial stability and willingness to invest in oneself, as show in the numbers by Auction Mall: 50 60’s have shown the biggest increase in consumption rate of 135% compared to 2014, and 171% for consumers above 60’s. (Source: Auction Online Shopping Analysis 2018 compared to 2014).
They are also more connected than ever, especially in China: According to Quest Mobile 2020, the number of online active users aged over 50 has exceeded 100 million by May 2020 in China. And Covid-19 has also modified their habits to discover online shopping: during the Double 11 Day 2020, online spending of silver generation increased by 300% compared to 2019, and many seniors have made their first online shopping experience during the Double 11 day in 2020.
Not only do they emerge as a huge consumption force, but they also appear as the new influencers, from fashion to beauty.
Aging is about positivity, relying on experience, maturing, staying serene in the face of change and enjoying every day at its fullest.
As Jun Sun, a 63-year-old Chinese influencer part of the popular Fashion Granny Group, puts it herself “I am never anxious about aging, I just accept that aging is a natural status. Grey hair and wrinkles are not the symbol of aging but the symbol of the new life chapter. Life is about pleasing yourself, choosing your own way, and enjoying every single day. Time will show you the best result!" This philosophy is shared by many “seniors” who consider fashion and beauty as a way of expressing their personality, sometimes breaking the stereotypes about aging, and also transmitting and connecting with the young generation.
It is definitely a two-way inspiration since elder influencers play with the codes of youth and street style, like the 65 years-old Korean model Chil-doo KIM in Reebok and MLB campaigns.
On the other hand, they also become figure of inspiration for Millenials and Gen-Z, as well as brand ambassadors for brands dedicated to the youth. Chinese Grandma Wang “Who Only Wears High-heeled Shoes” (只穿高跟鞋的汪奶奶) is 79-year-old stylish and fashionable lady considered as the Silver version of Austin Li (one of the biggest Chinese influencer), with more than 16M followers. Dubbed as the “queen of livestreaming”, she made 4.7 million CNY sales record on her first livestreaming show in March 2020, and over 5.3 million CNY sales record on Douyin livestreaming in May, 2020, presenting brands such as Florasis, Cogi or Perfect Diary.
But the stakes behind the integration and visibility of the silver gen is also to allow Asian consumers to enter and envision the 100-year life era with serenity. Indeed, in Japan, "1 in 1500 people is now 100-year-old or older" according to Japan Health, Labor and Welfare Ministry. Inspired by the famous Okinawa Centenarians lifestyle, scientific and medical research is looking for solutions to prolong the “healthy life” span, with different directions such as muscle mass loss, hair loss, glycation, autonomous nervous system or gut health. Health and beauty are deeply related in Asian culture, and the idea of aging beautifully is connected to aging healthily. For instance, Japanese brand B.A by Pola focuses on an epigenomics approach to awaken ageless vital beauty: giving the skin a firmness by considering that the positive power of the person acquired through the influence of lifestyle or environmental factors helps expand true beauty.
Find out more about the Silver Generation in our latest Asia Cosme Lab Decoder:
And our latest report - Rise of Senior Beauty in Asia: https://www.asiacosmelab.com/report/senior-beauty-in-asia/