May 21, 2014: Healthy Aging
The other day the 14-year-old daughter of a friend of mine asked me to take her to buy moisturizer. When I asked her why she replied, “I figure starting early has to be better for your skin.”
She’s on to something, and she’s not alone. According to research from the Natural Marketing Institute (NMI) and Nielsen, “The healthy aging marketplace isn’t exclusive to Baby Boomers and older consumers…Younger generations—including Millennials—are taking personal interest in their health and are increasingly driving sales. ”
This is potentially big news for entrepreneurs, countering the conventional wisdom that only older generations care about and spend money on anti-aging products. If you’re currently in an industry that serves the anti-aging market, think of how you can expand your market by offering your products (or services) to younger generations. If you combine the Millennials with the older Gen Zs (like my friend’s daughter, though by some measures she’s considered a Millennial), you have a potential goldmine of millions of new customers.
The research also reveals that 75 percent of American over 18 say they’re “taking more personal responsibility for their health.” Areas of particular interest include cognitive health (brain function), so think “brain” games, and physical agility. Millennials are especially “open to alternative medicine,” and more apt to spend their money on acupuncture, herbal remedies and massage therapy.