“Silver” cosmetics: a promising market!

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Silver generation

The world of cosmetics opens its doors to the 65+ age group! After several decades of pampering the younger generation, the cosmetics industry is getting up to date. Indeed, recent marketing studies have shown that the "Silver generation" has indeed evolved. There is a growing gap between biological age and psychological age, i.e. the representation that the person has of his own age. Statistics have shown that the consumption of people over 65 has evolved over the last 20 years; they are modern, active and consume! We also note that the growth of the "Silvers" in the population has accelerated. Life expectancy has increased, due to medical progress, the drop in the birth rate in Europe and Asia mainly, and the fact that work is less arduous. The cosmetics market is following suit to accompany this generation, which is investing more and more in this sector.

As a logical consequence of this revaluation of silver beauty, major cosmetic brands are choosing to take seniors as they are. With time, the skin develops deficiencies and requires specific care, richer in substances such as vitamin C, retinol and other trace elements. To meet these needs, beauty products adapted to mature skin are offered, which are not intended to eliminate or conceal wrinkles but to take care of them.

 

It is not only a question of recognizing the consumer power of this generation, but also of insisting on their power of influence, especially in the fashion and beauty sphere. The big cosmetic companies and major fashion players are increasingly calling on "Silver" muses.

In a few figures*

60 years old is the age at which one belongs to the "Silvers".

145 million "Silvers" in Europe in 2020 

The average budget: 184€/year in France

50-64 years old: 178€/year

25-34 years old: 120€/year

34% of the facial care market in France

55% of "Silvers" women have purchased organic cosmetics / hygiene products

What about the rest of the world?

On the Asian continent, which Thépenier Pharma & Cosmetics knows well, the "Silver" generation also inspires! This population, whose representation in the age pyramid of most Western and Asian countries is increasingly important, is more and more connected, especially in China. According to Quest Mobile 2020, the number of active Internet users over 50 years old passed the 100 million mark in May 2020. Covid-19 has also changed their shopping habits.

If various figures are to be believed, Asian seniors are a rapidly growing consumer force. For example, in China, which is aging extremely fast due to the one-child policy and very fast GDP/capita growth, the total consumption related to the senior industry reached CNY 3.7 billion ($560 billion) in 2018, it is expected to reach CNY 5.7 trillion ($866 billion) by the end of 2021 and CNY 61.26 trillion ($9.3 trillion) by 2050**. In South Korea, "active seniors" and "silversurfers" are emerging as new consumers eager to invest in themselves, aided by their financial stability.

Just like in Europe, they are a source of influence for the new generation (Millenials and gen Z), through their experience, they express a new attitude towards getting older which does not necessarily mean getting old. They are becoming a new kind of influencer, more mature, authentic and stylish.

For all these reasons, at Thépenier Pharma & Cosmetics, we want to live with the times and innovate also in the interest of older people, to allow them to better assume their age and continue to take care of themselves as long as possible!

 

Sources  :

*https://investir.lesechos.fr/dossiers/quatre-secteurs-qui-devraient-profiter-du-vieillissement-de-la-population/cosmetique-des-produits-specifiques-et-un-budget-qui-va-croissant-avec-l-age-1760666.php

https://fr.statista.com/statistiques/922854/part-femmes-achat-cosmetiques-biologiques-selon-age-france/

** https://www.premiumbeautynews.com/fr/la-generation-silver-en-asie,18567?utm_medium=email&utm_campaign=Eurovetrocap+lance+Zero+In·Pack+-+compact+...&utm_source=YMLP

*** 2019 Chinese Silver Consumption Market Research