Slowly, consumer markets are waking up the fact that youth markets have gone ex-growth in the developed world. Instead, the New Old 55+ generation is the growth market,
As fashion editor Vanessa Friedman notes, a new film ‘About Face’ typifies the new approach. It interviews supermodels – but these supermodels are aged between 43 (Christy Turlington) and 81 (China Machado).
This follows Hollywood’s ‘discovery’ that female stars don’t have to be under 30 years. Last year, after all, 63 year-old Meryl Streep won an Oscar for ‘The Iron Lady’. And from a box office viewpoint, this new direction makes great sense:
• 45m over-50s went to the cinema in the US in 2010
• This was 21% of all tickets sold
• But they are actually 32% of the population
Now, Lanvin have done the unthinkable. As the photo shows, 82 year-old Jacquie ‘Tajah’ Murdock features in their autumn/winter campaign. This is a complete reversal. Until now, the beauty industry has always used young models, often to sell products that claim ‘anti-ageing’ properties.
But there is no point in selling products for which there are few customers. That way lies quick bankruptcy. Far better, as we discuss in chapter 7 of ‘Boom, Gloom and the New Normal’, to focus on markets that are growing rapidly.
The blog, and co-author John Richardson, will be delighted to advise any CEO or business manager who needs to know more about the challenges and opportunities that spring from the ageing of the Boomers.