Radiance Medspa Franchise Group has a unique market for franchise investment within the growing baby boomers. With treatments like botox, laser hair removal, microdermabrasions, chemical peels & collagen injections.
Millions of baby boomer women are looking for ways to improve their appearance and be "the best they can be” They are the post World War II baby boomers. The last of the baby boom generation will turn 40 this year. There are approximately 78 million baby boomers.
Households in their late 40’s and 50’s are the most affluent group of Americans, and they are the biggest spenders.
Within the next 5 years the largest transference of wealth in U.S. history will take place as the World War II generation passes on their wealth to their baby boom children.
Baby boomers are also highly individualistic, which makes them independent and self-indulgent.
There is plenty of anecdotal evidence to sketch out that many baby boomers will be going through a mid-life crisis. Invariably, the crises will evolve around the things that are most important - families, jobs, and health.
Three decades ago, baby boomers created the youth market. Now they are creating the youth market among consumers in there 50’s. With boomers entering their 50’s, many so-called “youthful products, services, lifestyles, and attitudes are common among mid-life consumers. Boomers are creating the new “mid-youth” market.
Boomers are well educated, with 87 percent being high school educated and one in four a college graduate. Add to that, working women, divorce, individualistic attitudes, small families, and dual incomes, and you’ve got the recipe for a very big consumer market.
Product marketers are talking about the baby boomer “matriarchs”: the fierce, new found energy of independent baby-boom women in their 50’s. For years boomer women have been suppressing their individualistic natures as they raised children, often single-handedly. With their children grown, they can satisfy their pent-up demand to think about and spend on themselves again.
One thing baby-boomers may do for themselves is divorce. With divorce, which happens in approximately 50% of all marriages, comes a new beginning, new clothes, and new appearance. Boomers want to look, feel, and be youthful again.
The baby-boomers now make up 51% of the total U.S. population.
12,000 people turn 50 every day (1 every 8 seconds) and this will continue for the next 20 years.
Americans over 55 will grow by 60% in the next 20 years and their buying power will exceed $2 trillion by 2007
Businesses are already serving the wants and needs of baby boomers as they pass through difficult transitions. Sales of skin creams, suntan lotions, hair coloring, cosmetics, vitamins, exercise equipment, and nutritional supplements are surging as millions of boomers join the battle of aging.
There are 5,689 spas in the United States today. According to the International Spa Association who had PricewaterhouseCoopers conduct an in-depth study, there are 95 million visits to spas annually, generating $5 billion in revenues. The newest and most rapidly growing segment of the spa industry is the medical spa. Currently there are only 162 medical spas in the United States, or roughly 3% of the total spa market. The medical spa is a place where medicine is integrated with alternative and complementary therapies to provide medically supervised, results-oriented treatments in a safe and responsible environment. The focus of service in a medical spa is weighted more toward prevention using medical technology in a tranquil, soothing, and pleasant environment.
In a 2003 study conducted by the American Society of Aesthetic Plastic Surgery, the number of surgical and non-surgical cosmetic procedures in the United States increased by 20% in 2003 to a total of nearly 8.3 million. The ASAPS reported that 78% of the nearly 8.3 million cosmetic procedures performed in the United States were non-surgical. While surgical procedures increased 12% compared to 2002, non-surgical procedures increased 22% in 2003 compared to 2002.
Most popular of the non-surgical procedures were as follows:
Botox Injection........................................42%
Laser Hair Removal...............................17%
Microdermabrasion................................16%
Chemical Peel..........................................14%
Collagen Injection....................................11%
The 19-34 age group had nearly 2 million surgical and non-surgical cosmetic procedures and 24 percent of all procedures. Laser hair removal was the most popular non-surgical procedure with this group.
Americans age 35-50 had 3.7 million surgical and non-surgical cosmetic procedures, representing 45 percent of all procedures performed in 2003. Botox was the most popular procedure among this group.
The 51-64 age group had 1.9 million surgical and non-surgical procedures which composed 23% of all procedures. Among this group Botox was the most popular non-surgical procedure.
Consumer research has shown that most prospects feel more comfortable with non-surgical modalities to improve their appearance and quality of their skin. Plastic surgery to them is a final step they would rather not take if it can be avoided.
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