The fashion and beauty industry will face a loss of 100 billion yuan

The fashion and beauty industry has refused to recognize the fashion of the older generation of consumers. Time for the fashion and beauty industry to wake up to the potential of an older customer In, this age discrimination could cost 11 billion pounds (99 billion yuan). Diane Kenwood, trustee of the International Longevity Center, told the guardian: "the fashion and beauty industry has long refused to recognize the fashion of the older generation of consumers. It's confusing. The potential of these consumers is huge, but they are marginalized. However, I do feel that people's attitudes are beginning to change, and I hope there will be more momentum for this change. " In the past few years, there have been more and more senior models in the fashion and beauty industry. For example, 72 year old actress Helen Mirren became the brand ambassador of French beauty brand L'Oreal (L'Oreal) in 2017; then 82 year old writer Joan Dion spoke for French luxury brand Celine (Celine) in 2015; 76 year old creative singer Joni Mitchell cooperated with French luxury brand Saint Laurent in 2015; in 2019, 92 year old fashion idol iris Apfel signed a contract with img Model contract.

According to the report, between 2011 and 2018, spending on clothes and shoes by consumers who are considered "elderly" (Generation X and Baby Boomers: born in 1946-1979 in the United States) increased by 2.9 billion pounds, or nearly 21%. The study estimates that spending on fashion and shoes for the elderly will increase by an additional £ 11 billion, or 60%, between 2019 and 2040. By 2040, people over the age of 50 are expected to be the main consumer groups in this field. Although the study also found that women usually stop spending money on fashion once they reach 75, they are still interested in fashion. The growth of advertising and purchasing power alone may not be enough for the elderly consumers to fully influence the fashion industry. In an interview with the guardian, ARI Seth Cohen, founder of fashion blog advanced style, said that fashion is full of fear of death. "Fashion and beauty brands have ignored older customers for years," he said. They don't try to reach such smart customers, but also use their insecurity, fear of aging and age discrimination to promote and sell beauty products.

They promise that these products will be 'anti-aging', which is absurd and unhealthy The fashion industry doesn't seem to focus on attracting older consumers. Today, brands and retailers are trying to please generation Z (people born in 1995-2009), but their shopping habits and expectations are different from those of previous generations, even the Millennials. The research shows that "the elderly" tend to want a richer "experience" when shopping. They hope that the brand can convey information, provide support, and be inclusive and diverse in activities and advertisements for the elderly. In the past 10 years, many old retailers favored by old customers have either filed for bankruptcy or been forced to close a large number of stores due to sales decline, such as Sears, jcpenny, Victoria's secret, Henri Bendel and Barneys New York. If the baby boomers (born in 1946-1964) are already "old people", and Gen X (born in the mid-1960s-1970s) is about to enter the old age, the fashion industry not only aggravates the age discrimination caused by cultural and social reasons, but also ignores a market worth trillions of dollars. The real question doesn't seem to be whether retailers and brands can effectively market to both "young" and "older" generations, but whether they are willing to work on it.