The population is becoming older, but at different paces around the world. With larger cohorts entering older adulthood, beauty brands are following individuals for longer periods of time. Addressing the transformations and evolving needs that come with age will be a critical priority for beauty and personal care players, since all aspects of beauty consumption (eg product benefits, packaging sizes, category demand, etc) will be impacted by population growth, ageing, and births and fertility.
This report comes in PPT.
The population is becoming older, but at different paces around the world. With larger cohorts entering older adulthood, beauty brands are following individuals for longer periods of time. Addressing the transformations and evolving needs that come with age has become a critical priority for beauty and personal care players, since all aspects of beauty and personal care consumption (eg product benefits, packaging sizes, category demand, etc) will be impacted by demographic changes.
Single person households are the fastest growing household type globally and in every region. This trend reflects broader social changes brought about by urbanisation, delayed marriage, and declining birth and fertility rates. The impact on beauty can range from greater demand for smaller pack sizes, lower demand for baby and child-specific products, and even to a pivot from beauty brands to pet care offerings. Fewer consumers does not mean less demand - it is about catering to a more discerning audience with elevated expectations.
Millennials make up the largest cohort in the biggest beauty markets, but Generations Alpha and Z are projected to account for the bulk of the population in the fastest-growing beauty markets. To attract Gen Alpha, beauty brands adultify categories and focus on fun, while Gen Z is looking for gentle formulas and preventative benefits. Millennials seek out preventative solutions and clinical approaches while Gen X is looking for solutions-orientated beauty products, efficacy and age-positivity.
This is the aggregation of baby and child-specific products, bath & shower, colour cosmetics, deodorants, depilatories, fragrances, hair care, men's grooming, oral care, skin care and sun care. Black market sales and travel retail are excluded.
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