LONGEVITY
The new era of beauty
The new era of beauty and wellness is characterized by a key word: LONGEVITY. We are talking about a new paradigm, which brings with it new codes and values, destined to influence different spheres, from fashion to beauty, via food and design, a direct consequence of the aging of the world population. Programs focused on longevity arise from consumer demand, but also from a rather lucrative economic potential.
While people are looking for products that prolong their youthful appearance, because more and more older people do not simply want to disappear or be placed on the margins of society but want to live their lives as long as possible while remaining active and following their passions, on the other hand, the anti-aging market is estimated to touch $93 billion by 2027.
TARGETING BOOMERS
In its report “Face Value: The global foundation of Beauty,” Kantar points out that women's product use has declined by 7 percent since 2019. In Europe, exceptions to this trend are the Boomers, women born between 1946 and 1964, whose purchases grew by 2 percent. Although Boomers use fewer beauty products-men shave less frequently and women wear less makeup-new and exciting opportunities are opening up for brands for quality, multi-use products in line with today's minimalist ethos. In fact, this type of consumer is brand loyal, habitual when it comes to shopping, and purchases more frequently than younger consumers, with an average spend of $131 in the UK, $229 in France, and $181 in Germany. Many of them feel younger than their demographic age, and this self-perception also influences their purchases. And if women remain the top sellers, men over 55 are not to be underestimated: data show that they are becoming increasingly self-care conscious, to the point that in Portugal in 2023 men's skincare reached the highest figures ever spent on beauty in the last 5 years.
Compounded by the aging of the world's population and the growing interest in a holistic approach to longevity, more and more companies are investing in this area, attracted in part by the opportunity to turn longevity into a differentiator and competitive advantage. In a crowded and highly competitive market like beauty, being able to offer scientifically advanced products is a powerful tool for attracting new consumers and building loyalty. In 2021, venture-funded fundraising for 'life sciences' raised 47 billion with more than 2,000 deals, up 35 percent from the previous year. In response to this demand, beauty brands are looking for new solutions to support consumers and align with the “Silver Generation.”
At the conference The Aging-Well Movement: Innovation for Longevity' it emerged that if until now our everyday life has been influenced by social stereotypes such as appearing younger, conforming to predetermined models and the pursuit of constant hype, a new scenario is now emerging: people want to live better and longer, feel included and be true to themselves, take care of themselves, others and the planet. Sustainability rhymes with Solidarity: caring not only for the planet, but also for other human beings. Not only that. If in the beginning it was the industry that launched products and influenced the market, with a top-down approach, an approach that social turned on its head, with the consumer having the reins of product creation (bottom-up), the theme of longevity, with its open-source approach, has again turned the tables.
“Longevity brings great opportunities because the market is growing, consumers have more economic options, each country has different approaches, and there are many possible developments in research, marketing, and the creation of new products and brands. At the same time, consumers today are very informed, they do research, they check the ingredients of the products they choose. If a brand is not transparent and authentic, the public perceives it,” confirmed Emilie Hood, Senior Research Analyst - Beauty at Euromonitor International.