Women aged between 55 and 75 are responsible for half of all female beauty product consumption in Spain. Including both sexes, the silver generation accounts for 28% of the population and has the highest purchasing power. They represent 60% of private consumption and 25% of GDP.
The data was presented at the I Conference of the BELSILVER Nebrija-L’Oréal Groupe Chair in Communication, Image, and Wellbeing of the Silver Generation, held at the Communication and Arts campus in San Francisco de Sales at Nebrija University, where the social and economic impact of this demographic was highlighted. Currently, 28% of Spaniards are over 60 years old, and by 2030, this percentage will have increased to 32%. The average life expectancy in Spain is 83.9 years (compared to 82.4 in the EU); and upon reaching 60, the healthy life expectancy is 19.2 years.
Along with a greater capacity for consumption driven by having the highest income of all age groups (guaranteed pensions, incomes, and one or more properties), boomer women consume more beauty products because their needs are increasing, "but what’s most special is that they take care of themselves not out of obligation but for pure enjoyment. Since I’m going to live longer, I’m going to live better," valued Teresa Imaz, director of RGM and business development at L’Oréal.
Juan Alonso de Lomas, CEO of L’Oréal Spain and Portugal, acknowledged the economic interest and market share behind this demographic. "We sell beauty and we know the weight that the silver generation has and its capacity for influence," he stated.
Generation with values and digital
Alongside their economic capacity, the silver generation is also characterized by their ability to act as social change agents and their strong sense of civic duty (69%). Spaniards aged 55 and older see themselves as open-minded individuals (73%), believe there is nothing wrong with aging (90%), feel good about themselves (71%), and value simplicity (64%) and honesty (84%).
The data also debunks the myth of the silver generation's digital disconnection. There are ten million people in this age group online, 77% use instant messaging, 49% search for information on the internet, and 72% compare prices online. More than three million boomers use social media daily, spending more than ten hours a week connected. "In absolute terms, there are more silver individuals connected to social media every day than people from Generation Z. The myth that they are not digital could not be more false," warned Imaz.
Breaking barriers and stereotypes
Despite all of the above, preconceived ideas about silver women persist, making them feel invisible, and the group believes they are portrayed negatively. 80% believe that brands assume their lifestyle based on stereotypes. 90% are bothered that they are not perceived as prepared for modern work, 85% that they are thought to be mentally unstable, and 81% that they are believed to have nothing interesting to say. "The goal is to break stereotypes," assured the CEO of L’Oréal Spain and Portugal.
In this context, Cristina Biurrun, Scientific & Regulatory Director of L’Oréal Spain and Portugal, highlighted the company’s commitment to equality and inclusivity to combat ageism. "All the products we offer aim to democratize beauty," she stated during her participation in the roundtable "Breaking Barriers: The Silver Woman and Her Image in Today’s Society." As an example, she recalled that L’Oréal features women like Andy McDowell, Helen Mirren, Jane Fonda, and Isabella Rossellini as the face of the company.
Laura Múgica, CEO of Unidad Editorial, emphasized that "practically 70% of the presidents of the IBEX 35 are over 60 years old," but at the same time, there are increasingly more women in positions of responsibility and relevance, such as the presidents of Mexico, the European Commission, or the European Central Bank. "The world is starting to be led in certain areas by women of a certain age"; and she considered that behind the lack of visibility of the female population lies a problem of sexism. "The older man over 60 is interesting, but women over that age are seen as old," she indicated.
Pino Montesdeoca, a silver actress and model, wanted to send a positive message and pointed to the need to make the group visible. "No matter how old I get, I will not stop being a woman. To the new generations, I say do not be afraid. It’s a message of hope, but nothing will happen if you don’t see it every day."
The BELSILVER Nebrija-L’Oréal Groupe Chair has signed a collaboration agreement with Presidentex, a think tank with solid experience in providing independent strategic consulting and advisory services at the highest level. Its co-founder Agustín Medina pointed to the "absolute ignorance" of the figures of the silver generation in relation to advertising campaigns. "As consumers, seniors are experts, they are interested in improving their quality of life, and it is very easy to reach them," he said, reminding that communication with the group should be through media that give them confidence, preferably traditional media over social networks.