Sure, there is a high number of Gen Z and Millennials buying cosmetics and skin care products. But the smart beauty brands are looking at a different figure when catering to 50+ women, which includes Gen X – their trillions of dollars in spending power. Our How America Shops® research breaks down beauty by age. Here’s what brands and retailers need to know.
Beauty Brands, 50-Plus Women Are Waiting For You
So many beauty brands are chasing Generation Z and Millennial women. Some are even pursuing Generation A, and Gen A is too young to have their own money to spend, so they need a parent to fund them. The oldest are 13!
Women 50 and older, which now includes Gen X (ages 43 to 58) are more lucrative for beauty brands for a few reasons. Nearly 63 million women are 50 and older; that’s just 1 million shy of the 64 million women ages 20 to 49) according to the U.S. Census Bureau. Yet while slightly outnumbered, 50-plus women – including Gen Xers – have greater spending power: $15 trillion, according to Pymnts.com.
As the 58-year-old Brooke Shield’s recently put it: “We feel not marketed to, and it’s ridiculous because we have so much to offer.”
50-Plus Women Represent Lucrative Beauty Categories
Women who are 50 and older have beauty needs beyond typical flaws and wrinkles. Menopause dries the skin, for example, and health issues such as skin cancer and the need for SPF protection are a bigger concern.
In short, the WELLness factor can be even more prominent among older women shopping beauty. These are targeted marketing opportunities for beauty brands and retailers, as more women seek out niche categories as reported in our How America Shops® report, the Big Business of WELL.
Overall, our retail insight results shake out like this: 68% of all women 50 and older shop the beauty category. That compares with 75% of those who are younger than 50.
The 50+ Woman Has a Face. Recognize It.
If we factor in the spending power of women across generations, the 50-plus female consumer presents a significant market opportunity for beauty brands, particularly because she has largely been underserved.
True, some brands (such as 19/99 Beauty, Dove and L’Oréal) are stepping up by being age-inclusive in their products, advertising and marketing, but they do not begin to scratch this market’s size and spending force.
As a senior researcher at AARP put it: “To ignore half of the adult population with beauty products is not great business.”
All Consumers Represent an Opportunity. Don’t Miss the Opportunity!
WSL Strategic Retail finds opportunities and answers in the national retail and market insights we collect. Are you interested in a niche market, by geography or demographic? We likely can tailor a survey for you and your current needs, including category growth strategies and white space. Find out more here.