The Power of the Baby Boomers

As America's 78 million baby boomers become increasingly unsettled about looking and feeling old there is an opportunity for marketers to take advantage of a new anti-ageing market, according to a recently published research brief available from FIND/SVP.

The research brief, titled, 'Opportunities in the $45 Billion Anti-Ageing Market: How to Win in the Fight to Stay Young,' describes the scope of this growing demographic category and the opportunities that exist for the marketing of related products. FIND/SVP estimates that sales of anti-aging products and services in 2002 totaled more than $42.7 billion and could increase by as much as 50 percent over the next five years.

The potential for this anti-aging market is emphasized by the rapid growth in the number of baby boomers, 'Between 1995 and 2010, the 45+ age bracket will have grown 38 percent, while the general population will have only grown 13 percent,' according to Howard Waxman, FIND/SVP consumer products and services expert and author of the research brief.

The brief analyses the scope of the market for five anti-aging categories, including cosmetic treatments and surgery, exercise and therapy, food and beverages, vitamins, minerals and supplements, and cosmetics and cosmeceuticals. For example, cosmetic treatments such as botox, collagen injections, chemical peels, dental whitening and laser treatments, will account for the largest chunk of anti-aging spending by 2007 with a projected $11 billion in revenues. Other marketers are poised to take advantage of the anti-aging movement, including health clubs and exercise equipment manufacturers for which FIND/SVP projects revenue to reach as much as $13 billion by 2007.

'As the nation's baby boomers aspire to live longer and healthier lives, marketers throughout the country are looking for the best methods to sell to this captive audience and boost profits,' said Andy Garvin, Founder and President of FIND/SVP. 'With baby boomers controlling 43 percent of the nation's disposable income last year, marketers with the right strategic approach to the marketplace are the ones most likely to succeed.'

The research brief offers opportunistic tips for marketers on how to more effectively attract the anti-aging market, such as:

• Choose the appropriate niche - marketers of anti-aging products and services should target the specific needs of men and women, different ethnic groups, geographic regions, various income levels and specific body parts to be more successful than one-size fits all products and services.
  
• Brand extension - marketers should consider offering a related offshoot of their current products or services in order to achieve broader brand recognition in larger market segments.
  
• Market opportunity - baby boomers make up the majority of the anti-aging market, but there is an enticing potential to market to their offspring as parents get their kids started on anti-aging products.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.

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