Aging can be a positive process, if the right approach is taken, and perhaps a few new habits are adopted and a few old habits are broken. Through a holistic approach encompassing mind, body and soul, companies in all sectors can transform an aging population from a challenge into an opportunity.
Life expectancy is rising around the globe; this, together with declining birth rates, has resulted in a growing aging population, which is both an economic challenge and a business opportunity.
As populations age, life’s milestones are deferred, and more people in the later stages of life assume the typical responsibilities of their younger counterparts, such as working and caring for children, all of which require optimum physical and cognitive form.
Younger consumers are pursuing prevention over treatment strategies when it comes to aging. The focus is on optimizing healthy years, with the added incentive of living longer, since old age no longer necessarily equals frailty. Encouragement to take precautionary measures as well as preparation for a long working life are central to nurturing healthy aging in the young.
Understanding older generations as they are right now has value. Many are outliving the generation before them, and are doing so with more money in the bank, but not necessarily in their pockets. These consumers continue to make societal contributions, as caregivers or as part of the workforce, but they are largely undervalued and under-represented as a consumer group, and have specific needs.
The narrowing of generation gaps has given rise to the “ageless” generation, who favor age agnosticism. These consumers are alienated by age labels and favor segmentation based on needs, interests and values. This cohort spans across age groups, but is most commonly associated with Baby Boomers or Generation X, as the first to be impacted by the blurring of generational boundaries.
Learn more about the healthy aging market and ingredients that best address aging in INSIDER’s Healthy Aging Digital Magazine.
Irina Barbalova is global lead, beauty and personal care, and Hannah Symons is beauty and fashion research manager, both at Euromonitor International.