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Fear of Aging 2003Published by: Datamonitor Published: Sep. 5, 2003 - 77 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 EXECUTIVE SUMMARY 3 Hot topic 3 The future decoded 3 Action points 6 CHAPTER 2 THE FUTURE DECODED 14 Introduction 14 Key findings 14 The growing importance of fear of aging 15 Catalysts for fear of aging 19 Twenty-somethings: prepare for take-off 20 Mid-lifers: hoping for a smooth landing 26 Consumers and fear of aging 31 Financial fear 32 Physical/mental fitness 35 Loss of attractiveness 39 Inability to cope with new situations 41 Summary of specific fears about aging 43 The effect of fear of aging on spending patterns 43 Forecasts 45 Personal care 47 Drinks 51 Food 53 Conclusions 53 Twenty-somethings 54 Mid-lifers 54 CHAPTER 3 ACTION POINTS 56 Introduction 56 Tailor marketing to consumer life-stages 56 Twenty-somethings 57 Mid-lifers and older consumers 58 Target consumers before key lifestage arrives 61 Create and highlight an emotional bond between consumer and product 62 Product regimes 62 Emotional value vs. practical value 64 Help consumers cope with stress 65 Assisting convenience needs 66 Satisfying de-stressing needs 67 Project the product as an indulgence 67 Provide solutions for age-specific challenges 69 Twenty-somethings 69 Mid-lifers 71 CHAPTER 4 APPENDIX 74 Definitions 74 Research methodology 74 SPP writing team 76 How to contact experts in your industry 76 LIST OF TABLES Table 1: Number of twenty-somethings (20-29 year olds), by country, (m), 1997-2007 17 Table 2: Number of mid-lifers (35-49 year olds), by country, (m), 1997-2007 18 Table 3: Students aged over 15, by country, (m), 1997-2007 21 Table 4: Students as a percentage of 15-29 year-olds, (%), 1997-2007 22 Table 5: Career starters, 15-29 year olds, (m), 1997-2007 23 Table 6: First home buyers, by country, (m), 1997- 2007 25 Table 7: First home buyers as a percentage of 20-29 year-olds, by country, (%), 1997-2007 25 Table 8: Menopausal women, by country, (m), 1997-2007 27 Table 9: Andropause sufferers, by country, (m), 1997-2007 29 Table 10: Empty nesters, by country, (m), 1997-2007 30 Table 11: Retirees, by country, (m), 1997-2007 31 Table 12: Age-driven spending, by market sector, ($m), 1997-2007 46 Table 13: Age-driven spending by country, ($m), 1997-2007 46 Table 14: Per capita age-driven spending, by country, ($m), 1997-2007 47 Table 15: Age-driven personal care purchases, by country, ($m), 1997-2007 48 Table 16: Age-driven make-up purchases,by country, ($m), 1997-2007 48 Table 17: Age-driven skincare purchases, by country, ($m), 1997-2007 49 Table 18: Age-driven facial care purchases, by country, ($m), 1997-2007 49 Table 19: Age-driven haircare purchases, by country, ($m), 1997-2007 50 Table 20: Age-driven fragrance purchases, by country, ($m), 1997-2007 50 Table 21: Age-driven alcohol spending, by country, ($m), 1997-2007 51 Table 22: Age-driven beer spending, by country, ($m), 1997-2007 52 Table 23: Age-driven spirit spending, by country, ($m), 1997-2007 52 Table 24: Age-driven ready meal spending, by country, ($m), 1997-2007 53 Table 25: Table of definitions 74 LIST OF FIGURES Figure 1: Maslow’s hierarchy of needs 16 Figure 2: Twenty-somethings and mid-lifers population, by country, (%), 2002-2007 19 Figure 3: Life-stages by level of targeting and impact on lifestyle 20 Figure 4: Students and new career starters as a percentage of 15-29 year olds, (%), 2002 24 Figure 5: Age-driven reasons for saving money, (%) 32 Figure 6: Saving priorities for consumers concerned by their financial future, (%) 33 Figure 7: Level of saving, by age group, (%) 34 Figure 8: Areas for saving money, by age group, (%) 35 Figure 9: Consumer attitudes to the physical and mental effects of aging, (%) 36 Figure 10: Action taken in response to fear of physical aging, by age group, (%) 37 Figure 11: Consumer attitudes to the physical signs of aging, (%) 40 Figure 12: Age-driven changes to personal care spending, (%) 40 Figure 13: The importance of feeling attractive, by age-group, (%) 41 Figure 14: Consumer attitudes to age, approaching milestones and current milestones, by age group, (%) 42 Figure 15: Specific fears about aging, by age group, (%) 43 Figure 16: The effects of fear of aging on the likelihood of changing spending patterns, by age group, (%) 45 Figure 17: Targeting consumers by fear of aging 61 Figure 18: Factors promoting adoption of a health and beauty regime 64 AbstractIntroductionFear of aging examines how significant life stages affect consumers, covering worries over finances, health, loss of attractiveness, the inability to cope with new challenges and consumer responses to new lifestyle needs. By knowing what events cause consumers to change habits, manufacturers and retailers can target consumers who are developing new and long-lasting purchasing patterns. Scope * Key data and detailed analysis of age-driven spending for the U.S. and 7 European markets: France, Germany, Italy, Netherlands, Spain, Sweden, U.K. * Detailed analysis of the life events that affect consumers and their implications for consumer behavior and purchasing habits * Findings from U.S. & European surveys regarding consumer attitudes to aging * Actionable recommendations for attracting key consumer groups just as they are looking for new lifestyle solutions Report Highlights Fear of aging is most common among twenty-somethings (18-29 year olds) and mid-lifers (35-49 year olds) Fear of aging encompasses fears regarding financial insecurity, mental and physical deterioration, loss of attractiveness and the inability to cope with new challenges. Financial insecurity is the largest age-related fear, followed by physical and mental deterioration. Younger consumers are much more anxious about future milestones than older consumers. Fifty two percent are worried about being older, while only 31% of older consumers are worried about being older. Reasons to Purchase * Understand consumer attitudes to aging and target consumers based on significant life-events, not generic assumptions about age * Build market share and brand loyalty by targeting consumers ready for change * Improve the relevance of marketing through appreciation of consumer needs Get Full Details About This Report >> |
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