Chinese consumers’ quest for youthfulness is driven by who you may not expect
Last week’s Lunar New Year holiday saw hundreds of millions of Chinese return to their hometowns bearing gifts for their extended families. With their gifts, they also brought back knowledge and perspectives which will help influence the purchasing behaviour of older family members.
China’s ballooning elderly population and their market potential is old news, but the tenuously related anti-aging category is often overlooked by foreign brands. The anti-aging market is forecasted to reach $15 billion this year. However this undersells its significance with the pursuit of anti-aging impacting sales in many other categories.
China Skinny Tracker data illustrated that sales of products using the claim grew four-fold between 2020 and 2022, when it peaked. It still commands one of the highest premiums amongst product claims, and sales revenue has always outperformed relative presence in the market.
Interestingly, the main consumers spending large to slow down aging aren’t those starting to feel their joints weakening or grey hair sprouting. Over 80% of consumers interested in anti-aging products are aged under 35.
China’s younger demographics’ obsession with youthfulness is unlike other markets. In the US, for example, more than 75% of people getting cosmetic surgery are over 35, whereas 54% of Chinese are under 28. This is supported by our Tracker data, which identified that the claim ‘anti-early aging’ is currently performing even better than ‘anti-aging’.
In addition to the aging-conscious youth, other less traditional target markets are becoming more mainstream. Young males now account for close to a third of those interested in anti-aging products. One of the trends with China’s pet-obsessed tribes, is anti-aging pet food.
The obvious benefactors of the anti-aging functionality are skincare and beauty, health supplements, medical devices, treatment services and increasingly pet food. Food, beverages and ingredients that have anti-aging qualities could also be dialled up. In tourism, messaging and travel packages that support anti-aging could resonate with a share of the market. Above all, the early age at which Chinese consumers start to take steps to slow down their aging should provide some insights into their proactivity and a long view into many of their purchase decisions.
Some years ago we identified the rise of anti-aging drivers for consumers on our Trackers and have been using them to evaluate it since. It has been one of countless trends that we catch and monitor, among other things, using the Trackers. For us and others who like data to inform market decisions, it has been like an online Disneyland!
To celebrate the Year of the Dragon, we have a 20% discount on our Skincare, Beauty, Health Supplements, Dairy and Brand Health Trackers, valid for the life of your subscription – whether it’s a month or two, or for years! Just enter the code DRAGON2024 at check out. This offer lasts until 29 February - sign up here using the code. Here’s to an auspicious Year of the Dragon!
