Fear of Aging 2003
Published By: Datamonitor
September 2003
R313-5921
Online Download $5,695.00
Global Site License $14,237.50
Description
Introduction
Fear 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
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Table of Contents
TABLE 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
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