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Cosmetics for the Elderly: A Neglected Niche Offering Major Potential

The senior citizen group in China is a largely neglected group in China’s cosmetic market. Elderly consumers have significant consumption power, unique purchasing habits, and pay the most attention to haircare products. Lack of specific services, information, and mid-range products & brands with affordable prices are three unmet needs that brands can address.

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. 

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Tags : ChinaConsumer
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