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Fear of AgeingPublished by: Datamonitor Published: Oct. 23, 2002 - 59 Pages Table of ContentsOverview Introduction Part of the NCI series FUTURE DECODED This chapter details the opportunity that fear of ageing presents to manufacturers and retailers, consumers responses to fear of ageing and the market value of fear of ageing purchases Fear of ageing is most common among twenty-somehitng and mid-lifers (35-49) Fear of ageing breaks down into: financial insecurity; fear of physical deterioration; fear of loss of attractiveness; fear of being unable to cope with new situations By 2007, fear of ageing purchases will be worth €30 billion ACTION POINTS Different age groups have different responses to fear of ageing. Manufacturers and retailers should be careful to provide solutions which are targeted to the specific problems facing each generation. The goal of age-driven marketing is to form a bond with the consumer that will last from the original concern over ageing until such time as the need for the product no longer exists. It is not enough just to present a functional solution to a problem - the consumer must also form bond with the product or brand such that it becomes an integral part of the new lifestyle. Consumers fear of ageing is greatest just before the event which is causing them concern - once it arrives and they are forced to deal with, it becomes a practical problem and consequently less worrying. The right time to target consumers with age-driven marketing, therefore, is not after they reach key lifestages, nor during, but just before. APPENDIX This chapter contains further data, research methodology and sources used in the report. DATASETS Table 1: Size of twenty-somethings (m) 1997-2007 and CAGR Table 2: Number of middle aged (m) 1997-2007 and CAGR Table 3: Students aged over 15 (m) in western Europe, 1997-2007 and CAGR Table 4: Students as a percentage of 15-29 year-olds Table 5: Career starters (m), 1997-2007 and CAGR Table 6: Career starters as a percentage of 15-29 year olds, 1997-2007 and CAGR Table 7: First-home buyers, 1997- 2007 and CAGR Table 8: First time buyers as percentage of 20-29 year-olds, 1997-2007 and CAGR Table 9: Menopausal women (m) 1997-2007 and CAGR Table 10: Empty nesters (m) 1997-2007 and CAGR Table 11: Andropause sufferers (m) 1997-2007 CAGR Table 12: Retirees (m), 1997-2007 and CAGR Table 13: Age-driven spending, by market sector (€m), 1997-2007 and CAGR Table 14: Age-driven spending by country (€m), 1997-2007 and CAGR Table 15: Per capita age-driven spending, by country (€) 1997-2007 and CAGR Table 16: Age-driven personal care purchases (€m), 1997-2007 and CAGR Table 17: Age-driven make-up purchases (€m), 1997-2007 and CAGR Table 18: Age-driven skincare purchases(€m),, 1997-2007 and CAGR Table 20: Age-driven facial care purchases(€m), 1997-2007 and CAGR Table 19: Age-driven haircare purchases(€m), 1997-2007 and CAGR Table 21: Age-driven fragrance purchases(€m), 1997-2007 and CAGR Table 22: Age-driven alcohol spending (€m), 1997-2007 and CAGR Table 22: Age-driven beer spending (€m), 1997-2007 and CAGR Table 23: Age-driven spirit spending (€m), 1997-2007 and CAGR Table 25: Age-driven ready meal spending (€m), 1997-2007 and CAGR Table 26: Table of definitions Figure 1: Twenty-somethings and the middle aged as a proportion of the overall population, by country and year Figure 2: Life stages by level of targeting and impact on lifestyle Figure 3: Students and new career starters as a percentage of 15-29 year olds, 2002 Figure 4: Age-driven reasons for saving money Figure 5: Saving priorities for consumers concerned by their financial future Figure 6: Consumer attitudes to the physical and mental effects of ageing Figure 7: Consumers’ response to fear of physical decay Figure 8: Consumer attitude to the physical signs of ageing Figure 9: Age-driven changes to personal care spending Figure 10: Consumers’ attitudes to age, approaching milestones and current milestones. Figure 11: Attitudes to ageing between different age groups Figure 12: Specific fears about age compared against age groups Figure 13: The effects of fear of ageing on the likelihood of changing spending patterns for different age groups Figure 14: The importance of feeling attractive for different age-groups Figure 15: Action taken in response to fear of physical ageing, by age group Figure 16: Level of saving by age group Figure 17: Areas for saving money by age group Figure 18: Targeting consumers by fear of ageing AbstractIntroduction: At any age, the future is uncertain and brings new challenges and responsibilities. Fear of Ageing examines how significant life stages affect consumers' behavior, covering worries over loss of attractiveness, financial concerns, and how consumers respond to new lifestyle needs. By knowing why consumers change their habits, manufacturers and retailers can target consumers who are developing new purchasing patterns. Consumers will reward with loyalty those who provide solutions to new problems. Scope: * Key data and detailed analysis of 7 leading country markets in Europe: France, Germany, Italy, The Netherlands, Spain, Sweden, UK * Detailed analysis of the life events which most affect consumers and their underlying trends * European wide surveys of consumers of key age groups to determine the variations in international experience * Detailed forecasts of the prospects for the fear-of-ageing-driven market over the next five years, country by country * Specific action points detailing strategies for attracting key consumer groups just as they are looking for new lifestyle solutions. Report Highlights: By 2007, age-driven spending will be worth EUR30 billion. The biggest age-related fear is financial insecurity, followed by physical and mental deterioration. Anxiety over loss of attractiveness causes 50% of consumers to increase their spending on skincare and facial care. In 2002, 20 million 18-29 year olds started a new job, and 24 million bought their first home. Reasons to Purchase: * Improve the relevance of marketing through appreciation of consumer needs * Learn what aspects of ageing most affect consumers * Increase market share by targeting consumers ready for change * Target consumers based on significant life events, not generic assumptions about ageGet Full Details About This Report >> |
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