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Asian seniors are a growth driver, according to the numbers. For example, Chinese senior consumption is expected to grow strongly, with total consumption related to China’s senior industries reaching CNY 3.7 trillion ($ 560 billion) in 2018 and expected to reach CNY 5.7 trillion ($ 866 billion) by 2021 ) and CNY 61.26 trillion ($ 9.3 trillion) by 2050 (source: Chinese Silver Consumption Market Research 2019). In Korea, active seniors and silver surfers are fast becoming major consumers with financial stability and a willingness to invest in themselves, as the auction mall figures show: 50 60s showed the largest increase in consumption of 135% compared to 2014 . and 171% for consumers over 60. (Source: Auction Online Shopping Analysis 2018 compared to 2014).
In addition, they are more networked than ever, especially in China: According to Quest Mobile 2020, the number of active online users over 50 has exceeded the 100 million mark in China by May 2020. And Covid-19 has also changed their habits to discover online shopping: during Double 11 Day 2020, silver generation online spending increased 300% compared to 2019, and many seniors turned in during Double 11 Day . their first online shopping experience in 2020.
Not only are they emerging as a huge consumer power, but they are also emerging as new influencers, from fashion to beauty.
Aging means positivity, relying on experience, maturing, remaining calm in the face of change and enjoying every day to the full.
As Jun Sun, a 63-year-old Chinese influencer who belongs to the popular Fashion Granny Group, says: “I am never afraid of aging, I just accept that aging is a natural status. Gray hair and wrinkles are not the symbol of aging, but the symbol of the new chapter in life. Life is about pleasing yourself, choosing your own path and enjoying every single day. Time will show you the best result! “This philosophy is shared by many” seniors “who regard fashion and beauty as expressions of their personality, sometimes breaking with the stereotypes of aging and also conveying and connecting with the younger generation.
It’s definitely a two-way inspiration as older influencers play with the codes of youth and street style, like 65-year-old Korean model Chil-doo KIM in Reebok and MLB campaigns.
On the other hand, they will also become inspirational figures for millennials and Gen-Z as well as brand ambassadors for brands that are dedicated to youth. Chinese grandmother Wang “Who Only Wears Heeled Shoes” (只穿 高跟鞋 的 汪 奶奶) is a 79-year-old stylish and fashionable lady who is considered the silver version of Austin Li (one of the greatest Chinese influencers), with more than 16 Million followers. Dubbed the “Queen of Live Streaming”, she achieved record sales of 4.7 million CNY on her first live streaming show in March 2020 and a record sales of over 5.3 million CNY on Douyin live streaming in May 2020, showcasing brands such as Florasis, Cogi or Perfect Diary.
But the commitment behind the integration and visibility of the Silver generation is also to enable Asian consumers to step into and imagine the 100-year era with serenity. In fact, “1 in 1,500 people in Japan is now 100 years old or older,” according to the Japanese Ministry of Health, Labor and Social Affairs. Inspired by the famous lifestyle of the centenarians in Okinawa, scientific and medical research is looking for solutions to extend “healthy lifespan” with different directions such as muscle loss, hair loss, glycation, autonomic nervous system or intestinal health. Health and beauty are closely related in Asian culture, and the idea of beautiful aging is linked to healthy aging. For example, the Japanese brand BA by Pola uses an epigenomic approach to awaken timeless vital beauty: to give the skin firmness by considering that the positive power of people, acquired through the influence of lifestyle or environmental factors, is true Beauty expands.
Learn more about the Silver Generation in our latest Asia Cosme Lab decoder:
https://mailchi.mp/asiacosmelab.com/asian-beauty-decoder-13366699?e=cfc8390a37
And our current report – Rise of Senior Beauty in Asia: https://www.asiacosmelab.com/report/senior-beauty-in-asia/
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