(NEW YORK) Apr 16, 2012 — In its latest WealthSurvey, “Age Obsession,” the New York City-based Luxury Institute, in cooperation with skincare brand ReVive, asked U.S. consumers earning at least $150,000 per year about their attitudes on aging and what they’ve done to make them feel younger — from spending money on vitamins and chemical peels to products that restore hair or sexual prowess.
More than half (53%) of wealthy Americans say that the pursuit of better health and a more youthful appearance have prompted them to spend money on some type of anti-aging regimen, which can range from simply maintaining a healthy diet to liposuction.
The tendency to obsess on the effects of aging decreases with age, and is significantly more pronounced in women. Women are more than twice as likely as men (67% vs. 32%) to have engaged in some form of anti-aging routine, either presently or in the past. Gender disparities are also particularly notable when it comes to eating healthy foods (76% vs. 55%), getting adequate sleep (58% vs. 41%) and drinking moderately or not at all (53% vs. 39%).
Memory (59%), eyesight (54%) and weight management (53%) are the top aging-related concerns of both men and women. Women are substantially more likely than men to name wrinkles (59% vs. 21%) or skin elasticity (55% vs. 18%) as top aging-related concerns. Females are also much more likely than men to spend money on upkeep of appearance, such as coloring their hair (58% vs. 9%), using over-the-counter anti-aging products (41% vs. 5%), paying for skin resurfacing therapies (10% vs. 2%), receiving injections like Botox (8% vs. 1%) or undergoing cosmetic surgical procedures such as liposuction or a facelift (4% vs. 1%). Men show more concern than women with hair loss, and 5% of wealthy men have tried grafts, transplants or medication to grow back lost hair, compared to 3% of women.
Most wealthy Americans hold healthy and realistic notions about aging, with 78% saying that a person is “only as old as they feel,” and 71% saying, “age is just a number.” Nonetheless, many feel the pressure to look younger: 58% of respondents identify a youthful appearance as important in achieving professional success, and 68% say that there is more pressure to appear youthful than there was in prior generations. Women are far more likely to feel this pressure than men (81% vs. 54%), but they seem a bit more pleased with their progress in the battle against aging: 72% of women say that they look younger than their age, and 62% of men say they do. Only 12% of both sexes say that they look older than their age.
“The anti-aging market is similar in many ways to luxury retail, because consumers who pay premium prices for better food or membership at an exclusive health club are the same consumers shopping for premium merchandise at places like Nordstrom and Saks,” says Milton Pedraza, CEO of the Luxury Institute. “Companies who market youth to the wealthy have a rich opportunity to tap into a powerful set of demographics and psychographics that never goes away.”
“As a forerunner in the luxury skincare industry, it was significant for ReVive to participate in this survey to garner insight and attitudes on aging, and understand what participants value in their pursuit to look and feel younger,” states Claudia Poccia, CEO and President, Gurwitch Products, L.L.C. “As a brand created by a plastic surgeon, the results of this survey suggest and support the demand for products with the cutting-edge beauty advancements.”
Respondents had a median income of $233,000 per year and a median net worth of $1.3 million.
About Luxury Institute (www.LuxuryInstitute.com)
The Luxury Institute is the objective and independent global voice of the high net-worth consumer. The Institute conducts extensive and actionable research with wealthy consumers about their behaviors and attitudes on customer experience best practices. In addition, we work closely with top-tier luxury brands to successfully transform their organizational cultures into more profitable customer-centric enterprises. Our Luxury CRM Culture consulting process leverages our fact-based research and enables luxury brands to dramatically Outbehave as well as Outperform their competition. The Luxury Institute also operates LuxuryBoard.com, a membership-based online research portal, and the Luxury CRM Association, a membership organization dedicated to building customer-centric luxury enterprises.