The Silver Generation
Strong purchasing power,
but under-served
Thailand has an ageing population, and the number of consumers over 50 is increasing rapidly. This generation has a high level of disposable income, and they’re using it to buy more beauty and personal care products: in 2023 they spent 14% more on hand and body lotion than they did the previous year.
The number of different categories they purchased also rose, by 6%, indicating a growing engagement with the beauty sector and a desire to experiment and expand their regimes. What’s more, the average price per unit they paid increased 10%, indicating opportunities for premiumisation.
Thailand’s silver generation currently spends less on beauty than consumers at other life stages. As a result, many brands do not consider older shoppers to be a key growth segment, and penetration of beauty products is the lowest of all age groups.
It is important to build engagement and loyalty with the silver generation, however: people are living longer, and Thailand will continue to be an ageing society. Its members are enthusiastic about taking care of their appearance; they are keen to look healthy on the outside, as well as being healthy on the inside.
The silver generation in Thailand is…
Self-indulgent
Health focused
Addicted to social media
Strategies for success:
Develop innovative new products that serve the unmet needs and concerns of older consumers – for example those which possess anti-aging properties, soothe dry and itchy skin, and fight blemishes such as age spots.
Connect with this group via social media. They use the Line messaging app, YouTube and Facebook most often.
