Silver generation
A PROMISING TARGET AUDIENCE
In Asia, seniors are far from feeling old or outdated, they consider fashion, beauty, as a new means of expression, to see a way of breaking taboos around age, and sometimes a means of transmitting and communicate with the younger generation.
WHO ARE THEY ?
The silver generation, the "seniors", are in Asia a population with a booming purchasing power and with the pandemic have a strong connection to social networks.They express a new attitude towards aging that doesn't always mean getting old, and they are becoming a new kind of influencers, more mature, authentic and stylish.
China, Japan and Korea are three countries with an aging population. But above all, they are interested, curious populations who never stop wanting to get closer to the trends.They like to live with their time and enjoy again like in their young period.
AN INTERESTING POPULATION
Life after parenthood: “I have been working so hard to earn a living and raise my child. Now it’s time to live for myself and spend more time on things for myself.”
Healthier lives: The concept of health is not limited to solving physical problems or resolving health worries, but to having a healthier lifestyle, and more importantly, peace of mind.
Socializing: no longer confined by working hours; hence, finding meaningful ways of spending time, such as travel, are becoming a new need in this new life stage.
Technology enthusiasm: instead of regarding technology as a burden, they use it as a convenient life reformer to keep up with the latest trends and opportunities.
Peace of mind: new seniors are cautious with their investments and shy away from investing in high-risk, high-reward products that may impact their financial well-being.
Loyalty: less distracted than younger consumers and more likely to become active brand fans.
BEAUTY FANS
Beauty: beautify its existing beauty.
Age is seen as a strength, and based on their experience, silvers view change with maturity and serenity, and sometimes as an opportunity.
The modern society puts a huge emphasis on achievement, youth and beauty. Not only does the way we look and dress indicate our social worth, it also enables us to express our identity and confidence to the people around us.
In Eastern Asia, old people rapidly understood the freedom they were given to express themselves and to began living and enjoying life as they always wanted to. In result, beauty is for them an important step to help them take care of their image and wellbeing.
IN CHINA
“We like treating ourselves, we like new, modern products and modern ways of purchasing them.”
“Silver generation” = fastest growing group In 2021, represents 14.6% of the total population.
Estimated that in 2054, they will represent more than double the young population.
Post-50's = The sent-down youth generation 知青
Pragmatic and frugal, they focus more on medical and health care.Post-60’s = The Cultural Revolution generation 文化大革命
Stronger consumption ability, willingness to consume, high demand for fashion, independent personality and stronger ability to use internet compare to other seniors.
Taobao for elders
peer-to-peer chat function “pay for me” link that
customers can send to family and friends.
Open –class to help manipulation
FIGURES:
Total consumption relating to the senior industry reached $560 billion in 2018, it is expected to reach $866 billion in 2021.*
Represents 1/3 of the entire country‘s spending.**
26,3% of Chinese internet users are over 50 years old in 2020.***
Online shopping has 68% of penetration among Chinese people aged over 50 years old.
BEAUTY category:
2020: +51% year-on-year growth on Global JD for clients over 50 years old in the beauty segment.
$2.3 millions sales on May 2020 for senior beauty products on Tmall = doubled the sales comparing to May 2019.
*Chinese Silver Consumption Market Research
**China Britain business council
***Statista
IN KOREA
“A more inclusive vision of age & beauty fighting against the cultural belief that beauty fades with age.”
Long live and work - super senior, making top model broadcast
The rise of elderly stars in entertainment has led to new buzzwords such as "gray crush" and "active seniors," referring to those of the silver generation who seek cool lifestyles.
FIGURES:
Korea's average life expectancy: 82.7 years old.
14.3% of the population is over 65 years old.
Between 2014 and 2018: the greatest growth in consumption rate is 135% for 50-60 year olds and 171% for consumers over 60 years old.
= senior citizens are participating in learning, shopping and cultural experiences, and some even try new jobs based on their talent and experience.
KOREAN SOCIETY'S PERCEPTIONS OF THE ELDERLY ARE CHANGING.
BEFORE: Seniors were often considered bossy, conservative and passive.
AFTER: young people call them "new" and "interesting." The younger generation is even finding content made by active seniors to consume and regenerate.
IN JAPAN
Healthy life expectancy is now an important goal directly linked to “the life of beauty” as health is a prerequisite to stay & feel beautiful older.
The Ministry of Health, Labor and Welfare considers "one in 1,500 people to be 100 or more" in 2020 in Japan.
Beauty and health being deeply linked in Asian culture, the idea of "aging well" is correlated with the idea of aging "beautifully".
Informations sources (55 to 74 years old)*:
TV
Newspaper
Magazine
Internet (2015:15,2%) ; (2019:25,9%)
Radio
*Shiseido group
Prefered category (55 to 74 years old):
Skincare
Makeup base, primer
Point makeup