The Rise of the Aging Consumer

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The Rise of the Aging Consumer

SEE WHY NU SKIN’S WELL POSITIONED FOR THIS MEGATREND

boomer

For over a year now, news articles have shown that the increasing aging population across the world is driving the demand for anti-aging products and services. Now more than ever, there is a market of people desiring anti-aging products who are able to pay the premium prices they command.

 

At the end of 2010, The USA Today ran a series of articles on the economic power behind the growing 450 million-strong baby boomer market.

 

In an article titled “Big-spending Boomers bend rules of marketing,” a report from the U.S. Bureau of Labor Statistics was cited showing that spending by the aging population is growing at an unprecedented rate.

 

“As baby boomers are aging and accumulating wealth, their spending is growing at a pace that’s leaving younger generations far behind. Spending by the 116 million U.S. consumers age 50 and older was $2.9 trillion last year – up 45% in the past 10 years.”

 

In addition to their spending, baby boomers’ wealth is expected to grow in the near future. According to USA Today, within the next 20 years, people 50 and older will be inheriting an estimated $14 trillion to $20 trillion.

 

Matt Thornhill, a researcher specializing in the baby boomer generation, predicted in the article that by 2030, there will be twice as many people over the age of 65 as there are now.

 

“This is demographic dynasty,” said Thornhill. “If you don’t have a strategy for making your product relevant to 50-plus consumers, you will have a very rough time over the next 20 years.”

 

The rise of aging consumers presents a remarkable marketing opportunity for those in the anti-aging industry. To build on this global anti-aging megatrend, Nu Skin has delivered ageLOC which serves as a powerful platform for Nu Skin Distributors as they continue to benefit from the significant social and economic megatrends, including the growing aging population.

 

To read the USA Today article, click here.

 

To see what places in the U.S. have the highest concentration of baby boomers, click on the image below.

 

 

Baby boomer
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