Beauty Store Business

OCT 2018

Beauty Store Business provides solutions for better retailing! New products, industry news, savvy business moves and important trends affecting both brick-and-mortar and online retailers are included in each issue.

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Page 17 of 67

Hero Images/ 16 October 2018 | The PURCH A SING POWER of B oomers Capture the interest of beauty consumers with the highest expenditure in personal care products and the greatest buying power: baby boomers. By Manyesha Batist M arketers spend billions of dollars to draw in millennial consumers. Enamored by their youth and consumption chops, they clamor to tap into their billion-dollar buying power. Meanwhile, they miss out on the deepest pockets of all. Baby boomers, born between 1946 and 1964, have spending power in the trillions. They spend the most across product categories, and they're positioned to inherit trillions of dollars from their senior parents over the next two decades. Experts in the category say that marketers and retailers alike are missing out on the buying power and opportunities within this group. Furthermore, 50 is expected to be the average age of American adults by 2025, according to AARP, a nonprofit that works to empower aging adults.

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