Research by the International Longevity Centre (Maximizing the Longevity Dividend), shows spending on fashion and shoes by older people will increase by 11 billion pounds (60 percent) from 2019 to 2040. By 2040, people aged 50 and over are expected to be major consumers in these segments [1]
Diane Kenwood, journalist, blogger, and ILC Trustee, said: “For too long the fashion and beauty industries have been bewilderingly resistant to recognizing just how fashionable and stylish the generation of older consumers are and want to remain. The potential of these consumers is vast, and it has been shamefully side-lined. ” [1]
The situation is the same in China. At the end of 2018, China’s population aged 60 and over was about 249 million, accounting for 17.9% of the total population. The population aged 65 and over was about 167 million, accounting for 11.9% of the total population. [2] According to China Aging Industry Development Report, from 2014 to 2050, the consumption potential of China’s elderly population will increase from 4 trillion yuan to about 106 trillion yuan, and the contribution to GDP will increase to 33%, which will make China’s elderly market the largest in the world.[3]
Older people in China are traditionally considered frugal. However, things have changed with the rapid economic growth and increasing disposable incomes in China. Older people in China are now willing to spend money on their own interests and hobbies for a better life, and they are also ready to embrace new technologies.
What about their attitude to cosmetics?
NewAgingPro, an independent consulting brand owned by AgeClub, interviewed hundreds of older Chinese people of different ages from tier 1 and lower cities and wrote an article. According to their findings, older people's awareness of cosmetics is different based on where they live. According to the article, those who live in lower-tier cities don’t know much about cosmetics and have a particularly low awareness of skincare and makeup. Their primary skincare products are cleansing, toner, facial cream, and sunscreen.
In comparison, older people who live in tier 1 cities have more interest and knowledge about cosmetics. They have multiple choices on skincare products, including cleansing, toner, lotion, essence, facial cream, eye cream, and sunscreen. As for makeup products, the top 3 popular products are foundation/BB cream, eye pencil, and lipsticks. Most respondents said that these three could satisfy their basic makeup needs, but they also purchase other makeup products like perfume, eye shadows, and blushes.
The survey also shows older people who live in tier 1 cities have a different level of needs for cosmetics. 92% of respondents habitually use makeup. Most of them said they started to use makeup after retirement for social needs. 24% of respondents also regularly visit beauty salons for professional skincare, and a minority of them even have gone to the medical beauty centers to have plastic surgery.
The elderly place a great deal of emphasis on hair care and is also more willing to invest in hairdressing needs. 5% of the respondents spent 1000 yuan or above on hair products or treatments. Hair dying is a specific category worthy of attention. Older people’s total consumption in the hair dye market accounts for about 80% of the entire hair dye market. Older consumers are usually more loyal to brands than young people. [4]
Market characteristics
China's elderly cosmetics market has these three characteristics:
Lack of product segmentation
There are few mid-range products and brands with affordable prices targeted at elderly consumers. At present, the middle-aged and elderly cosmetics in the domestic market are either high-end anti-aging products like Lamer or low-end products such as traditional domestic brands like Dabao.
Lack of services for the elderly
Middle-aged and elderly users usually lack beauty knowledge/ beauty information channels. They need clear education about beauty, such as how to choose products that are suitable for their skin type, how to use eyeshadow, and what color lipstick to use, etc. The elderly need educational services to teach them, and are willing to learn and communicate with enterprise. However, most brands in China don’t provide specific services for this senior citizen group.
Lack of tailored content
Middle-aged and older people use short video apps, Wechat mini-programs, WeChat public accounts, and learn English, photography, and calligraphy through online channels, but there are no makeup-related information channels. Therefore, developing some elderly KOLs to teach the elderly beauty and skincare knowledge through social media platforms is a good opportunity for relevant brands to market their products.
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