Consumers in their 60s are said to be driving sales of Korean cosmetics due to their free time, disposable income and the desire to slow down their aging process.
According to a recent survey by KB Kookmin Card sales of cosmetics and related products have surged for both female and male consumers in Korea, with sales to men aged 60 and over surging a massive 72.8 percent between 2011 and 2015. Indeed, sales to women in the same period rose 100.3 percent.
The survey showed that these ‘young senior citizens’ spent more than younger people with older women spending 275,000 won on cosmetics and related products, with older men spending around 223,000.
Older consumers were said to make 2.7 visits a year, spending on average 92,000 per purchase. Meanwhile consumers in their 20s made more purchases on average a year (6.82), however, they spent less at an average of 18,000 won per visit.
According to a KB Kookmin Card official, “Unlike younger people in their 20s, who purchase mid-to-low cosmetics goods, older people who are better off have the tendency to purchase more high-end products.”
Door to door sales are said to have risen due to the increase in demand from young senior citizens as these consumers return to their hometown after retirement. Gokseong in South Jeolla has seen the sharpest growth due to the lack of retail stores in the region boosting this direct sales channel.
Shin Go-eun a Researcher at Kantar Worldpanel, also spoke of the older generation’s desire to purchase anti-ageing products, “There is a strong desire by people in their 60s to look young, and they are backed by stronger financial situations [then older people in the past].” And this looks to be a channel many Korean manufacturers are set to tap into with the ageing consumer clearly offering some serious spending power.