Silver fashionistas

Fashion brands have long focused on youth, but in the coming years, older consumers are a growth opportunity as their numbers increase. Consumers over 50 years old are sometimes called the ‘silver generation’ and in the US, Europe and China are forecast to comprise 42%, 50% and 52% of all consumers by 2050 respectively. Interestingly, in the US, annual spending on apparel including jewelry and watches of 55-64 year olds is similar to 25-34 year olds at about USD 2,000. Also, annual spending of 64-74 year olds is similar to that of those under 25 at approximately USD 1,500.

Older consumers are often economically resilient and affluent, and are likely to drive more than half of consumer spending growth according to fashion industry research house Business of Fashion as their share of the population increases. Fashion brands catering to the silver generation’s priorities – timeless, functional, high-value pieces over fast trends – can unlock significant growth. In-store experiences and multi-brand retail are also key for this demographic, which typically shops independently and values in-person discovery. Capturing the silver generation’s loyalty and substantial purchasing power could be transformative for fashion brands facing stagnation among younger consumers.

Source: US Bureau of Labor Statistics, November 2024.