Meeting the Needs of the Silver Segment in Personal Care

Meeting the Needs of the Silver Segment in Personal Care

The phrase ‘silver (elderly) segment’ is defined as a distinct class of consumers, older than 55 years. According to GlobalData’s macroeconomic data, accessed in November 2023, the Silver Generation consumers comprise 19% of the world population, of which women constitute over half of the older population. However, there are regional and country-level differences in the aging population demographics. Western European countries such as France and Germany, are among the top 15 countries that have a higher percentage of older consumers compared to developing countries such as Bangladesh, India, Pakistan, and Nigeria, which have a younger working population.

Top 15 countries with a population aged over 55 years (%), 2000-2030

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The silver generation is mentally, socially, physically, and digitally active, growing both in scale and influence. They will not only shape but even create new markets in the coming years through their spending. Brands should not only cater to this consumer segment but also resonate with and effectively understand these consumer dynamics given the scale of their presence. By promoting inclusivity and challenging stereotypes, brands can build stronger connections with this important silver segment demographic.

The ‘Meeting the Needs of the Silver Segment in Personal Care’ research report explores how the interest in holistic wellness is enhancing the relevance of self-care among the silver generation consumers. The report also analyzes its influence on the personal care industry.

Targeted Solutions

The silver generation consumers present a significant market opportunity for health and beauty brands. Brands must engage directly with the older consumer segment and align their portfolio accordingly. Age-related stereotypes and concerns need to be addressed to ensure an inclusive approach. For instance, Better Not Younger, which is a haircare brand started by Sonsoles Gonzalez, focuses on the haircare needs of women over 40 with popular products such as hair-thinning patches.

Furthermore, brands need to launch targeted products to improve consumer confidence and build loyalty. Present-day consumers want to celebrate their age and embrace the changes associated with getting older. As a result, they are looking for products tailored for mature skin, etc, leading to demand for authentic products. Also, with access to varied information available at their fingertips, consumers are very clear and well-informed. For instance, Earth Rhythm has launched products with ingredients such as peptides that aim to deal with signs of aging and do not claim to transform the skin completely.

Authentic Marketing

Brands should aim at providing a platform to amplify their consumers’ sentiments and become a part of bringing about a change in the social attitude. The advent of social media is playing a significant role in popularizing the idea and importance of self-care. Social media influencers are encouraging brands to have adequate representation in advertising. For instance, in 2023, Willowberry launched its “Age is an Energy” campaign to push the boundaries of age representation in beauty brands. The brand made a conscious decision to not use the term ‘anti-aging’ on its products and to help women feel more confident in their skin and help steer the beauty industry towards a more diverse representation of women. The brand is also conscious about the images used in marketing campaigns and its messaging around making age visible and celebrated.

Holistic Aging

One of the key drivers of the healthy aging trend is well-being, which is centered around a holistic view of health. With information across the internet, today’s consumers are taking a more advanced approach to holistic health. Therefore, brands need to focus on adopting a more holistic approach to aging as consumers seek more than just product benefits. Personal care brands need to evaluate their portfolio and focus on creating products that marry the benefits of looking and feeling good. Consumers across all generations, including Millennials (Gen Y) and Gen Z are more concerned about a product’s ability to benefit their physical health and mental well-being. Generation Y is more concerned about mental and physical health, while older generations (Boomers and the Silent Generation) are concerned about their physical health.

Holistic Aging Preferences According to Generations

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Silver Segment in Personal Care – Outlook

Aging populations are changing the global consumer landscape, creating ample opportunities for personal care brands to leverage technology to not only offer quality self-care experiences but also produce tailored products to suit individuals’ unique needs and preferences. They must invest in R&D to gain more insights into the efficacy of ingestible beauty products and their effects when combined with topical products. For instance, investing in hormone-tracking technology can appeal to the silver segment.

Scope

1) According to UN data, compared to 2017, the number of persons aged 60 or above is expected to more than double by 2050 and to more than triple by 2100, rising from 962 million globally in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100.

2) Many older consumers accept their age and are looking to express and celebrate it through the products they buy.

3) By promoting inclusivity and challenging stereotypes, brands can build stronger connections with this important silver segment demographic.

Reasons to Buy

• Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is impacting the industry.
• Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
• Access valuable strategic take-outs to help direct future decision-making and inform new product development.