Contrary to popular belief, a higher proportion of over-60-year-old consumers use facial and body moisturisers without explicit anti-ageing claims than those who use products with rejuvenating properties, according to Euromonitor International’s latest study:
Challenges and Opportunities in Targeting the Senior Consumer.
The global survey’s data, collected in 2014, maps out beauty regimes, product usage frequency and path-to-purchase factors by age group. 35 per cent of the respondents aged over-60 stated that they used anti-ageing products in the three months prior to the survey.
The study highlighted a need for manufacturers to clearly segment prevention and protection ranges in their anti-ageing portfolios.
Although price remains the most influential product feature globally when it comes to purchasing skincare products, the study shows that – of all the age groups surveyed – over-60s are the least concerned by price.
The study’s beauty and personal care research senior analyst Ildiko Szalai summarised: “Mature consumers are clearly ready to spend on beauty products if their concerns are addressed. Multi-functionality appears to be low in demand – 30 per cent of over-60s marked it as a preferred benefit in skincare and 27 per cent in hair care, which signals a preference for more targeted beauty solutions amongst this age group.”
The most influential features for mature consumers, according to the study, are function and natural-organic credentials. These two benefits are prioritised by 37 per cent of consumers aged over 60 years old.
It was also noted that over-60s are the least interested in celebrity endorsement, limited edition and artisanal production. Less than 3 per cent of this age group was interested in any of these features.
The over-60s group is the most loyal across a number of beauty products, such as hair cleansing and facial care – with 57 per cent of respondents in both of these categories regularly buying the same brand.
The lowest brand loyalty, and openness for experimentation, in this age group is seen in bodycare – however 47 per cent of respondents still prefer the same brand.
“This brand loyalty suggests that manufacturers should diversify their product offerings under well-established labels and build on existing brand recognition when targeting mature consumers,” added Szalai. “Beauty regime evolution is not uniform globally and regional and country differences need to be taken into consideration when targeting the senior consumer base with specialised solutions for their beauty concerns at their appropriate life stage. Efficacy and natural credentials remain key when it comes to marketing highly recognised beauty products for over-60s.”
Last year, a study by Euromonitor predicted that by 2020 the over-60s demographic would account for 14 per cent of the total global population, with the overall number reaching 1.1 billion.
