Baby Boomer Beauty Market Research
Baby Boomers are adults who were born during an 18-year period that began in 1946.
Today they range in age from their mid-50s to low 70s. Within this market segment, however, there are differences from the younger to the older group. Even before reaching their 50s, most baby boomers have seen their hair turn grey, while their skin becomes looser and develops wrinkles. And weight is more of an issue as maintaining or losing pounds becomes more of a challenge. One result of these changes is an increase in their desire for anti-aging products and services.
Women are not the only buyers of Beauty and Body products.
Unlike their parents’ generation, a surprising and growing number of baby boomer men are embracing and consuming them too. Significantly, while about the same size population as the younger millennials segment, baby boomers as a group have more money and buying power.
The Importance of Beauty and Skincare
Beauty is a broad term that refers to the entire look that a person presents to the public. Skincare is how one takes care of their skin to keep it healthy. Cosmetics or makeup is used to enhance one’s appearance, often with the goal of making skin feel smooth, “glow” or “shimmer” to make it more beautiful. Beauty has an important impact on health, self-worth and happiness.
Baby Boomer Beauty Market Landscape
There are a wide range of products that can be applied to all the parts of one’s body — literally from head to toe. Then there are those which can be ingested, to promote good health from the inside out. The following content provides a sense of the scope of this market and may help you to reach this large and affluent segment.
Beauty Products Overview
For skin, the face, eyes and lips usually get the most attention and there are many layers to what and how products are applied to maximize one’s appearance. Below are some key products that assist in accomplishing this goal over one’s entire body.
- moisturizer/cream
- lotion
- primer
- foundation
- setting powder
- highlighter
- eyeliner
- lashes
- lipstick
- gloss
For hair, its care and appearance, the list includes, but is not limited to
- shampoo
- conditioner
- dye
- straightener
- gel
- mousse
- growth promotion, removal/exfoliation
- razors and grooming devices
- wigs
- extensions
For hands and feet there is nail polish in addition to creams and lotions. For inside one’s body there are weight loss products, specific vitamins, health supplements and beverages.
Outdoor products include:
- sunglasses to protect eyes (and make a fashion statement)
- sun tan lotion to protect skin
- protective clothing with UV ray blocking capability
Beauty Services Overview
There are a variety of services offered by trained professionals and doctors who possess many different specialties. Medical procedures are offered by plastic surgeons, dermatologists, podiatrists, nutritionists and others.
Beauty Medical Procedures involve:
- lips, necks, chins, stretch marks, sagging upper arms, etc.
- tucks or reductions
- enhancements (silicone)
- hair restoration, implants
- fat removal and contouring via liposuction or CoolSculpting
- removal of “brown/liver spots”, spider veins, rosacea and tattoos – often with use of lasers or other technologies.
Services can be performed at Beauty Facilities such as:
- yoga studios
- Pilates and similar exercise rooms
- fitness clubs and gyms
- spas
- massage studios
- nail salons where both manicures and pedicures (“mani-pedis”) are given
The Baby Boomer Beauty Market Opportunity
The Baby Boomer Beauty market represents a large untapped market for beauty companies. Consider the following:
- There are approximately 75 Million Baby Boomers (ages 51 to 69; born between 1946-1964) in the United States
- Over 50% of the total U.S. population will be over the age of 50 this year.
- Over the next 20 years, spending by people above the age of 50 is expected to increase by 58% to $4.74 trillion.
- In contrast, spending by younger Americans aged 25-50 is expected to only grow by approximately 24%.
- Baby Boomers will also inherit approximately $15 trillion over the next 20 years.
Ruth Stanat, founder of SIS Beauty Innovation Consulting, believes Baby Boomers will ignite a consumer spending boom over the next several years. Not only is 70% of U.S. disposable income controlled by Baby Boomers, but they also spend over $3.2 trillion every year. This market is too big to ignore for investors and entrepreneurs alike.
- Generally speaking, Boomer women do not wish to turn back the time with anti-aging products. Instead, they want products that will directly address skin, hair care, and health concerns, while also emphasizing feeling and looking good.
- Most are looking for products with moisturizing / hydrating properties to address dry skin, while only a smaller percentage are interested in anti-aging claims.
- Unlike Millennial women, who love to explore new brands and products, the vast majority of Boomer women already have an established go-to skin and hair-care regiment.
- Impulsive purchases among Boomer women are uncommon as fewer people say that they would buy a beauty product on a whim.
- A small percentage of Boomer women say that they would actively seek out new products over their current trusted brands. These consumers have long-standing brand loyalty, which can be a challenge for new brands.
- Brands/products can focus on the beauty and health benefits of their products, as well as offer free trials touting the health benefits are important to Boomers at this stage of their lives.
Baby boomers represent an “untapped” market for beauty companies. Understanding the needs and wants of a generation can drive advantage for Beauty companies.
Uncovering New Opportunities
Beauty companies may be limiting their beauty research and strategy to consumers between the ages of 21 and 45. SIS has also noticed that beauty companies tend to exclude men as potential customers. These segments can be profitable, loyal and can provide new opportunities for growth. Market Research uncovers insights, data and strategies about these segments.
About Baby Boomer Beauty Market Research
With the motivation and desire to look younger and healthier, baby boomers are willing to invest their time and money on an increasing number of beauty and skincare products and services, including those that are innovative and often utilize new technologies.
If your business is involved with this dynamic and growing market, it is critical to constantly monitor the lifestyles and behaviors of this age group towards their well-being. Across the 18 year range of ages for this group, between genders and other variables, there will be differences worth studying that can inform better marketing decisions.
Useful Market Research methods include:
- In-Person Focus Groups
- Consumer Interviews
- Ethnography
- Telephone and Mobile Surveys
- Online Insight Communities
