While aging is an inevitable part of life, the American population is living longer primarily due to better living conditions and advanced healthcare. As a result, the stereotypical "senior citizen" no longer exists and many Americans want to look as young as they feel. Older adults are becoming a more significant group in the general population. In fact, the number of adults aged 55 to 64 will increase 47.6% from 2000 to 2010 as the older Baby Boomers move into this age group. In addition the number of people aged 65 to 74 will increase 16.3% during this same time period. With the large Baby Boomer segment becoming the next "older generation," it is important to understand attitudes towards aging and how they will affect, and likely change, the marketing of related products and services in the marketplace.
Aging adults will spend upwards of $30 billion on anti-aging products in 2003. The significant amount of money willingly spent by consumers to remain youthful and vital combined with an aging population make it clear that this market will continue to grow. As a result, it is crucial for companies to understand attitudes toward aging among the current senior citizens in America and among the aging Boomer generation.
This report is the first in a two-part series on attitudes toward aging, with an emphasis on the cosmetic aspects of aging (preventing and treating wrinkles rather than preventing and treating arthritis for example). The following are covered within the first volume:
- Market Factors that influence attitudes toward aging. This includes a detailed discussion of demographics (age projections, gender, marital status, income and disposable income) and lifestyles (i.e., spending patterns, and the focus on youth by Boomers) as they pertain to attitudes toward aging.
- Consumer Trends which focuses on an introduction to consumer purchase behavior and attitudes towards products surrounding the aspects of aging: skincare (including facial skincare, suncare and make-up) haircare, body care, dental care, usage of vitamins and prescription drugs, usage of sexual performance enhancers, and attitudes and behaviors regarding diet and exercise.
- A detailed examination of four distinct products currently available to consumers and which are specifically positioned as anti-aging in nature.
This report focuses on a large senior consumer population and a growing market of Baby Boomers who are beginning to enter the stage at which they are aware of the effects of the aging process on their health and appearance (and for some, this is the period during which they begin to counter the effects of aging). While historically, people have considered a decline in abilities and the onset of health problems to be an inevitable occurrence when growing older, Americans today will not resign themselves to this process. Rather, many want to fight the effects and signs of aging. This extends even to people in their thirties and forties who are heeding the advice of the healthcare industry to take preventative steps before they reach "old age."
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