A Silver Opportunity: Targeting Senior Consumers in Beauty

Strategy Briefing

About This Report

Jun 2017

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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A Silver Opportunity: Targeting Senior Consumers in Beauty

Expanding senior consumer base

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.

Room for routine expansion

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.

Seeking health-centred product benefits

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.

New products in beauty routines target the signs of ageing

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.

Traditional marketing channels most influential on purchasing

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.

Heritage brands succeed best with their messaging to seniors

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.

Introduction

Scope
Key findings

Targeting the Senior Consumer

Objectives
Defining trends shaping the beauty habits of the over 60s
Rapidly expanding s enior consumer segment
Future target market demographics
Diverse consumer base to target

Mapping Out Over 60s Beauty Routines

Room for expansion in the beauty routines of the over 60s
Going beyond beauty basics
Regionally diverse anti-ageing category opportunities

Healthy Looks Versus Anti-Ageing

Seeking health-centred product benefits
Newly adopted products in beauty routines target the signs of ageing
Functionality over image appeal more to over 60s

Case study: Look Fabulous Forever

Pillars of success: Product, message, channel

Most Effective Purchasing Influencers

Traditional marketing remains the most influential in purchasing
Heritage and “known” brands resonate the most with seniors
Lucrative niche growth pockets in the seniors market

Future outlook

Development of a new demographic equilibrium

Future Outlook

Strategies to tap into silver opportunities