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The Beauty Economy

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BEAUTY ECONOMY | 03 RACONTEUR | 27 / 09 / 2015 raconteur.net GREY POUND CAMILLA KAY A sk the baby-boomer generation about growing old gracefully and the collective reply is "No thank you." This 50-plus age group are embracing later life with a youthful vigour. Age is becoming increasingly irrelevant, concurs Rachel Clare, associate at innova - tion agency, Brand Genetics and co-author of the report She's Still Got It. "Typically, a 50 year old is now more likely to behave like a 40 year old," says Ms Clare. They may feel a decade younger, but it doesn't automatically follow that they have a desire to look ten years younger. "Not one respondent in our survey talked about the desire to get rid of wrinkles or achieve younger-looking skin," reveals Imogen Matthews, publisher of Older Women in Beauty: The Golden Opportunity. "In fact, 63 per cent of the women accepted wrinkles are part of getting older; only 15 per cent wanted to look younger." While anti-ageing promises still resonate with the 45 to 55 age group, it holds less appeal with an older demographic. A Euro - monitor survey of the 60-plus age group re- vealed 55 per cent used moisturisers without anti-ageing claims, compared with 35 per cent who used specific anti-agers. "This is a generation who have lived through miracle promises so there's realism about what can be achieved," says Ms Clare. "They accept the changes that come with ageing; they don't want to battle against it. Skincare that promises to reverse signs of ageing is a turn-off. Instead, they want prod - ucts that enable them to look the best they can and deal with their primary skin con- cerns, whatever their age." The product wish-list includes hydrating, nourishing formulas to comfort drier skins and re - store luminosity, and stay-put make-up that doesn't sit in the creases. It's a sim - ilar "en- h a n c e m e n t " preference for haircare, with products that offer shine, volume and smoothing benefits to thinning or coarser grey hair. "These are the first modern, ageing women. They want authentic, light-touch colour that blends grey, rather than masking it like their moth - er's generation," says Josh Wood, creator of Marks & Spencer's Guardian of Colour range. "They're also increasingly embracing grey hair as a fashion accessory or opting for youthful darker roots and lighter ends." Think Madonna, 57, or the age-defying Elle McPherson, 51. With "beauty at any age" the new buz - zwords, the industry is finally reaching for the opportunities this consumer demo- graphic offers. No doubt they've noticed the numbers. By 2020 the over-50s will make up 50 per cent of the population and control almost 80 per cent of the UK's wealth with higher than average disposable income, ac - cording to the Office for National Statistics. They're also avid beauty users, says Ms Matthews. "Our research showed that 75 per cent of women aged 55 to 64 use facial skincare daily, only dropping to 60 per cent in the over-65s. They spent an estimated £2.1 billion on make-up, skincare and toi - letries in 2013, accounting for 45 per cent of the total market spend." And unlike their SILVER FOXES' GREY GROOMING "We are seeing a transformation of how masculinity is defined," says Octavio Valdes, vice president of the Men's Skincare Group at Estée Lauder Companies. "According to the 2013 TNS The Modern, Modular Man Global Initiative, 65 per cent of men in the UK said there was nothing wrong with spending time in the bathroom to make sure they're looking good." So how does this play out in the 55-plus demographic? Mintel research shows this generation are less inclined to groom daily, but 43 per cent of the over-65s felt it was important to make an effort when going out. And there's growth in this sector as Nivea Men attribute 40 per cent of their sales to the 55-plus age group, increasing year on year. Deborah Gayle, managing director of The Refinery men's salon, is also witnessing growth. "We're seeing more men seeking out grooming and skincare for the first time in their 50s," she says, attributing this partly to female pressure. "Women are increasingly looking after themselves into later life and expect the same of their men." With the divorce rate increasing among the 60-plus generation, there's more of an impetus to look good. There's also a requirement to smarten up professionally. "In a competitive job market with younger candidates, a level of grooming is seen as a pre-requisite," adds Ms Gayle. She also points to the "George Clooney effect" of older faces in ad- vertising that mature men can relate to, such as actor Hugh Laurie, 56, for L'Oréal Paris Men Expert. While more men are coming to the grooming market, they're less sophis- ticated than their younger rivals. "The younger consumer is experimental and is purchasing products such as an- ti-blemish BB creams, eye creams, and sonic brushes," says Mr Valdes. This can leave the market prone to trend-related sales fluctuations. Note the decline in shaving products sales due to the hipster trend for facial hair. In contrast, the older market prefers simplicity with Mintel research showing 67 per cent of men over 65 want a basic routine. This desire for simplicity is well catered for by high-profile brands such as Clinique, Nivea Men, Dove Men+Care and L'Oréal Paris Men Expert, which offer multi-function products such as face/body wash and exfoliators, post- shave care and hydrators, and moisturis- ers with anti-ageing benefits. Yet unlike the female or younger male market very few products are targeted specifically at the 50-plus demographic. With the male popu- lation of the UK predicted by Mintel to grow by more than 4 per cent by 2019, and the over-65s accounting for 10.5 per cent of the growth, there's increasing opportunity for brands to target the silver foxes of the future. Share this article and infographic on social media via raconteur.net Their biggest annoyance was being patronised by mid-life marketers who are the same age as their children brand-loyal parents, they seek out innova- tion and new products. Brands embracing "ageless beauty" in- clude Lancôme, which launched their Ad- vanced Génifique serum with a #loveyourage campaign, encouraging women of all gener- ations to upload pictures and celebrate their skin. Space NK's current, highly-aspiration- al Timeless Beauty campaign features two models 30 years apart. "The campaign was prompted by the recognition that this older demographic represent a high proportion of our customers," says Jessica Perfect, head of buying at Space NK. "It was also a result of witnessing the evo - lution away from the potentially alienating anti-ageing terminology to a new lexicon that focuses on feeling good, and looking ra- diant and healthy." She points to the rise of niche brands, such as new skincare line VENeffect created by sisters Rebecca and Cecil Booth, one a hor - mone specialist, the other a beauty industry expert. It employs 100 per cent natural phy- toestrogens to address hormonal skin chang- es and restore the skin's youthful glow of vitality, known as the Venus Effect. Space NK's campaign is one of an in- creasing number featuring mature faces. Recent Nars make-up cam- paigns stared 68-year-old Charlotte Rampling and Tilda Swinton, 55. Yet the ultimate 50-plus pin-up it seems is Helen Mirren, 60, appointed as the face of the L'Oréal Paris Age Perfect range, after ranking the most appealing in a 9,000-strong survey by the brand. Not only is she seen as genuine, intelligent and glamorous, someone who looks good, if not better, with age, she's also perfectly in tune with her peers saying: "I am not gorgeous and I never was, but I was always OK-looking and I'm keen to stay that way." While this increase in mature faces is ap - plauded, there's still frustration at the way this demographic feel they are reflected. A Mintel survey found 37 per cent of the 50 to 68 age group felt excluded in advertising, with 46 per cent saying they felt their age group was stereotyped. With many products targeted at this age group still advertised by 20 year olds, there's a lingering cynicism it's a marketing stunt, rather than a concerted effort to engage. There is also a sense of frustration at being categorised into a single "old" group as soon as you hit 50. "Skin concerns and life - style needs change between 50 and 80, and they don't feel this is adequately reflected," says Ms Clare. "Yet their biggest annoyance was being patronised by mid-life marketers who are the same age as their children. They grew up through the 1960s so they prize youth. Many of our respondents read Grazia. They want to know what the 20-somethings are up to and be spoken to in the same way." Another stereotype the beauty industry falls into is portraying this group as tech - nologically illiterate, yet in reality they're embracing digital life. "Thanks in part to the readability of tablets, social media among the over-50s has increased by 30 per cent in recent years, with some retailers seeing up to 200 per cent increase in sales for the over- 50s, partly driven by online purchases," says Christian Eckley of My Market Insight. They're not only shopping for beauty online, but also researching products and recommendations. The two million You - Tube hits for make-up artist Lisa Eldridge's mature make-up tutorials clearly demon- strates the appetite, as does the increasing number of mature vlogs. Beauty journalist and founder of The Beauty Know It All vlog for "grown-up" women, Nadine Baggott, explains: "At a uni - versity reunion, I looked around at all these successful 50-plus women, at the height of their careers, earning a fortune and real- ised the beauty industry wasn't speaking to them. Yet they'd never been more in need of advice. They wanted to know what works and how to spend their money." It begs the question why has it taken so long for the industry to respond to this pow - erful demographic? It may be a case of fin- gers burnt with failed attempts to connect with this audience, says Ms Clare. "We need to engage with and understand this demo- graphic for the highly sophisticated con- sumers they are. They travel frequently so appreciate easy-to-open-and-decant pack- aging. They want larger font sizes, but not at the expense of design. They've invested in their homes so they want it look good in the bathroom. They'd also appreciate age-ap - propriate consultants who really understand their skin and its needs," she says. Roisin Donnelly, Proctor & Gamble's UK marketing director, concedes: "It's our role to encourage women to celebrate their age and we haven't always got this right in the past. A key finding in our research is that 50- plus women don't want to be addressed any differently from their younger counterparts. They value honesty, simplicity, quality and the sensorial pleasure of using a product, so we'll be focusing in on these aspects. With Olay, we're looking into future communi - cations that will explore why every year is an opportunity to defy age and achieve the ultimate beauty victory – when nobody can guess how old you are." It sounds like this generation's ultimate wish may soon be a reality. Fifty years young – and spending The powerful and positive desire of the expanding 50-plus demographic to look good at any age is forcing the beauty industry to listen and respond £8.38bn | -0.1% Components of the UK cosmetics market and year-on-year change from 2013 TALCUM POWDER £16.71m -0.6% HOME PERMS £1.28m -3.1% SETTING LOTIONS/MOUSSES £24.69m -3.1% HAIR CREAMS/WAXES/GELS £90.54m +9.2% HAIR/SETTING SPRAYS £169.82m -2.8% HAIR COLOURANTS £286.33m -4.8% CONDITIONERS £296.01m +1.8% SALONS £404.61m 0% SHAMPOO £462.68m +2.4% FOOT PREPARATIONS £24.39m DEPILATORIES £49.89m -2.5% SHAVING SOAPS £76.18m -4.9% TOILET SOAP £87.83m -1.8% BATH ADDITIVES £104.46m -2.5% LIQUID SOAP £163.78m +5.0% MOUTHWASHES £183.34m -0.8% SHOWER/BODY WASH £333.37m +0.8% TOOTHPASTE £473.59m +4.2% DEODORANTS £594.83m +0.1% FINE MALE £416.03m -0.3% MASS FEMALE £79.82m -7.6% MASS MALE £64.22m -7.2% FINE UNISEX £25.99m +0.6% MASS UNISEX £2.45m +11.6% FACE £529.35m 1.1% FACE CARE NON-MEDICATED £735.16m +2.3% EYES £381.93m +2.8% PRESTIGE SKINCARE INCLUDING GIFT PACKS £465.93m -2.4% NAILS £219.93m +1.6% SUN PREPARATIONS £234.06m -4.5% LIPS £202.28m +1.0% BODY CREAMS/LOTIONS £162.71m -2.0% GIFT PACKS £28.07m +11.3% FACE CARE MEDICATED £78.98m +1.9 FACE CARE MALE £60.43m 0% LIPSALVES £58.86m BABY CARE PRODUCTS £16.48m -6.8% FINE FEMALE £729.96m -2.3% F R A G R A N C E S , I N C L U D I N G C O LO U R C O S M E T I CS T O I LE T RIE S G I F T P A C K S H A IR C A RE S K I N CA R E £ 1 . 3 1 8b n | - 2 . 2 % £ 1 . 3 6 2b n | + 1 % £ 2 . 1 0 8 b n | + 0. 9 % £ 1. 7 3 6 b n | + 0 .2 % £ 1 .8 5 7bn | - 0 . 6 % SPENDING ON TOILETRIES/ COSMETICS IN YEAR ENDED AUGUST 16, 2015 BY AGE GROUP WHERE UK WOMEN BUY BEAUTY PRODUCTS SECTOR SHARE BY CATEOGORY VALUE AND UNITS AVERAGE ANNUAL SPEND BY UK WOMEN ON BEAUTY PRODUCTS BY AGE GROUP Colour cosmetics Skincare Fragrances Source: Euromonitor 2014 Source: Euromonitor Source: CTPA 2014 Source: Escentual 2015 Toiletries Toiletries 19-24 £1,600 25-34 35-44 45-54 55-64 41% 13% 8% 7% 31% 22% 21% 12% 10% 35% 20% 23% 20% 19% 18% Haircare Haircare Skincare Skincare Colour cosmetics Colour cosmetics Fragrances Fragrances Pharmacies Department stores Beauty specialists Internet Other 15.7% 9% 25.2% 2.3% 16.2% 16.1% 20.7% 52.6% 22.2% 20% VALUE UNITS £1,759 -12% £2,045 -5% £2,183 +1.2% £2,238 +4.1% £2,190 +4.9% £2,400 £2,200 £2,000 £1,800 MOST POPULAR COSMETICS BRANDS FOR UK WOMEN, BY POPULARITY MAKE-UP OF UK BEAUTY 1 2 3 4 5 52% 43% 37% 25% 24% 6 7 8 9 10 19% 18% 16% 16% 15% Source: Institute of Practitioners in Advertising/Delineo 2014 Source: Kantar Worldpanel 2015 MOST FREQUENTLY USED BEAUTY PRODUCTS BY THE OVER-60s Facial moisturisers Body moisturisers Facial cleansers Anti-agers Face masks 0% 30% 60% average spending on beauty by women between the ages of 50 and 70 £43,446 Source: Escentual 2015 65+ 18 and under 19-24 25-34 35-44 55-64 45-54 21.3% 1.8% 4.8% 14% 19.1% 17.3% 21.8%

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