As wellness trends are expanding worldwide, older consumers have become a major driver of opportunities for companies in wellness-oriented segments such as beauty and healthcare. With much more active lifestyles compared with previous generations, the 60+ age cohort is redefining health and wellness. This report analyses the potential of the older consumer market in wellness, and how the Coronavirus (COVID-19) pandemic has shifted the wellness movement among older consumers.
This report comes in PPT.
In the next 20 years, between 2020 and 2040, the global population aged 65+ is forecast to increase by 600 million. As older consumers dedicate greater resources to maintaining an active and healthier lifestyle, the market for elderly wellness is set to expand strongly.
The growing accessibility to technology and the financial base to afford it (Baby Boomers are expected to have the global highest average gross income by 2030 globally) makes the older demographic an increasingly easy audience for wellness brands to reach.
The nutrition, health, personal care and fitness industries, amongst others, are rethinking their offerings due to the pandemic. With older generations more vulnerable to COVID-19, there is growing demand among this cohort to enhance immunity against the virus through wellness products and services.
Especially in light of the pandemic and its isolating effects, mental wellness is an emerging area for growth among older consumers. In Euromonitor’s Health and Nutrition Survey 2020, the most common perception of ”being healthy” was associated with mental wellbeing, cited by 65.7% of respondents.
Wellness for the older generation is already a large market, ranging from sleep aids and wellness retirement communities to specialised beauty products and home healthcare services. However, innovation remains at a nascent stage, and there is room in the industry for more tailored offerings.
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