Understanding the key purchasing drivers and expectations of the growing demographic of senior consumers is becoming a strategic priority for beauty players. Over 60s provide rich opportunities for companies that get their products, services and purchasing experiences right for this lucrative consumer segment. This report explores senior consumers’ interest and purchasing decision-making processes regarding beauty products, to help develop differentiation strategies in the evolving beauty space.
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In countries where historically young societies have started to age rapidly, such as Vietnam, Saudi Arabia or Singapore, latent opportunities are opening up for first-mover beauty players with portfolios tuned for the needs of senior consumers.
Senior consumers might be ready to spend on beauty, but their routines tend to be minimalistic; limited to basic personal care items for the majority.
The benefits senior consumers expect from their beauty products are centred on achieving a healthy appearance; moisturising/hydrating and healthy scalp outweigh all other benefits. Beauty brands have started to align more with health and lifestyle trends.
The beauty routines of the over 60s consumer base tend to remain consistent, with a low level of product discontinuation. However, they start using new products with changing needs. The top three most adopted products by over 60s all target the signs of ageing.
The retail environment is hugely influential in purchasing decisions, with in-store promotions, advertising or free samples. The senior consumer group is heavily focused on service. If they receive appropriate service in the retail environment which answers their questions about the products which address their concerns, they are much more likely to buy.
Despite the fact that brands aligning most to senior consumers’ specific needs and preferences tend to be niche labels, heritage brands remain in use by the highest ratio of 60+ year-old consumers.