There is a growing general awareness amongst middle and higher economic classes of the wide array of aesthetic and wellness options available in the market today. People want to be fit and healthy and look their best.
We are living longer than ever before. There is the notion that 40 is the new 30 and 50 is the new 40 and 70 is the new 50! The population older than 60 years old is increasing exponentially world-wide in developed world countries and emerging countries. There is also a greater awareness about being healthier and looking as good as you can by most people in the 5th, 6th and 7th decades of their life.
The marketplace for aesthetic procedures and skincare products continues to expand, with growth continuously exceeding expectations. This appears to be driven by a large population of aging baby boomers and the introduction of increasingly efficacious procedures that offer better results with minimal downtime. These treatments range from light-based therapies to injections, procedures to remove the upper layers of the skin, and topical anti-aging preparations (Medical Insight Inc, 2005).
There is a growing demand for wellness and aesthetic products and services, as these products and services more than ever before meet the criteria for ubiquitous access:
a) relative affordability: people are prepared to spend more and more of their exposable income on feeling and looking better than ever before.
b) Legs – ability to walk off the shelf without promotion once a critical mass of people own it; the wellness and aesthetics industries’ products and services have perhaps the strongest legs of any product or service, as people immediately notice when someone has a wellness or aesthetic experience and are anxious to duplicate the results.
c) Continual consumption: Wellness and aesthetic products and services are continually consumed by those who start using them.
d) Universal appeal: Feeling and looking good also has universal appeal. Every human being would like to be healthier and looking their best or better.
e) Low consumption time: Wellness and aesthetics products and services represent perhaps the only sector of consumer spending that does not take time to enjoy. You don’t have to postpone or wait to experience the benefits; Money spent to make a person feel stronger, smile better, look younger or feel healthier yields rewards that are enjoyed every moment of every day – on the job, at home, and at every moment in between (The Wellness Revolution, P. Z. Pilzer)
The economic impact of the baby boomers on wellness is even stronger than their numbers suggest – because this group is behaving differently than any prior generation. Boomers are refusing to passively accept the ageing process (The Wellness Revolution. P.Z. Pilzer). In the book The Baby Boom by Cheryl Russell she explains it best from a marketing perspective: “One of the most important truths about boomers is that they are still the youth market. In their teens and twenties….boomers created the youth market. As they enter their forties and fifties… boomers are proving the youth market to be a state of mind rather than a stage of life. Most boomers still live in that state, refusing to adopt the attitudes and lifestyles of their parents….Businesses savvy enough to determine what boomers want will catch a wave of consumer demand that will be the ride of a lifetime” (Cheryl Russell).
– The Wellness Revolution, P.Z Pilzer