That’s right. We’re pretty and we’re handsome and there’s nothing you younger whippersnappers can do about it. We are the kings and queens of the self-care economy. According to a Bank of America report boomers are killing it when it comes to how much we spend on wellness. In their report they declare that “one generation rises far above the rest,” and that would be us.
The report indicates that we are splurging on salons and beauty products like there’s no tomorrow. Wait. There may not be a tomorrow for some of us, so why shouldn’t we at least look good. Boomer spending at stores such as Sephora and Ulta Beauty grew 7% over last year and we’re racking up expenses at fitness clubs as well.
What’s behind all the spending? The report indicates that boomers have the money and they’re happy to part with it if it makes them look and feel better. Makes me remember the buff guys on Saturday Night Live that “are here to buff you up. Because if you don’t look good, we don’t look good.” Or Billy Crystal’s imitation of Fernando Lamas….”It is better to look good than to feel good. And you look maahvalous!”
This look good trend has come along just as research regarding lifestyle habits, like exercising, reducing stress, and taking care of mental health can reduce the risk of chronic conditions and help people age well. Just the news that boomers in their sixties and seventies want to hear. A McKinsey report from last year found that 60% of consumers found it very or extremely important to spend money on longevity.
Here’s a phrase you’re going to hear more often – longevity tourism. Take a cruise and get botox or stem cells while you’re lounging on the afterdeck. All part of what they like to call the longevity market. Do I have to tell you who’s signing up for these?
Jay Harrison is a writer and creative consultant for DesignConcept. His newest mystery novel, Rio Puerco Demise is available on Amazon. His first mystery novel, Head Above Water, is also available on Amazon. But that’s not all. You can also purchase the Best of BoomSpeak on Amazon.