Boomers to spend billions

American baby boomers heading into retirement age are providing a 70 million-member strong market for legions of companies, entrepreneurs and cosmetic surgeons eager to capitalise on their “forever young” mindset; whether it is through wrinkle creams, face-lifts or workout regimens.

New research has revealed these industries have a “boomer-fuelled” consumer base as many “seek to keep the signs of ageing at bay”. The research also found the demand would push the US market for anti-ageing products from about $80 billion to more than $114 billion by 2015.

The boomers, who grew up in a culture glamorising youth, face an array of choices as to whether, and how, to be a part of that market.

Anti-ageing enthusiasts contend life spans can be prolonged through interventions such as hormone replacement therapy and dietary supplements. However, critics, including many health professionals, say anti-ageing interventions are ineffective, and can be harmful.

The National Institute on Ageing says culture places “great value” on staying young, but insists ageing is “normal”; and despite claims about pills or treatments that lead to endless youth, no treatments have been proven to slow or reverse the ageing process.

“If someone is promising you today that you can slow, stop or reverse ageing, they’re likely trying hard to separate you from your money,” Professor Jay Olshansky, of the University of Illinois-Chicago’s School of Public Health says.

“It’s always the same message: Ageing is your fault and we’ve got the cure,” Professor Olshanksy says. “Invest in yourself; in the simple things we know work. Get a good pair of running or walking shoes and a health club membership, and eat more fruits and vegetables,” she adds.

But such advice has not curtailed the demand for anti-ageing products overseas, including many that come with hefty price tags and some which are not covered by health insurance.

Another trap for consumers are many dietary supplements and cosmetics, which, unlike prescription drugs and over-the-counter medicines, are not required to undergo government testing or review before they are marketed.

In contrast to the caution of mainstream organisations, there are many vocal promoters of anti-ageing products and procedures, including the American Academy of Anti-Ageing Medicine.

In its mission statement, the academy says disabilities associated with normal ageing are caused by physiological dysfunction, which in many cases is ameliorable to medical treatment, such that the human life span can be increased.

One of the academy’s co-founders, Robert Goldman, a doctor of osteopathic medicine, contends much of the resistance to the anti-ageing movement comes from sectors of the health and pharmaceutical industries that feel threatened financially — for example by the surging use of over-the-counter nutritional supplements.

“It all has to do with who’s controlling the dollars,” he said.

Though many anti-ageing interventions are expensive, Mr Goldman said people on tight budgets can still take useful steps such as drinking purified water, taking vitamins and using sunscreen.

“People should be healthy and strong well into 100 to 120 years of age,” Mr Goldman says in a biographical video. “That’s what’s really exciting — to live in a time period when the impossible is truly possible.”

A look at some of the major sectors in the anti-ageing industry

Hormone replacement therapy:

Numerous companies and clinics promote hormone replacement drugs, including testosterone for men and custom-mixed “bio-identical” hormones for women, as a way to slow the ageing process.

“Finding a ‘fountain of youth’ is a captivating story,” says the National Institute on Ageing. “The truth is, to date, no research has shown hormone replacement drugs add years to life or prevent age-related frailty.”

Dr Evan Hadley, director of the institute’s Division of Geriatrics, says hormone replacement drugs can have harmful side effects and believes a need for more research, such as an institute study of testosterone therapy, to identify the potential risks and benefits would be helpful.

Cosmetic Surgery:

According to the American Society of Plastic Surgeons, there were 13.1 million cosmetic plastic surgery procedures performed in the US in 2010, a 77% increase over a decade.

The most popular of these is wrinkle-smoothing treatment drugs like Botox or Dysport; which accounts for 5.4 million procedures, averaging about $400 per treatment. Other popular non-invasive procedures include soft-tissue facial fillers, chemical peels and microdermabrasion.

More invasive procedures come at a higher price, with face-lifts priced from $6,000 to $15,000; with the plastic surgeons’ academy reportedly performing 112,000 of them in 2010.

A recent Associated Press-LifeGoesStrong.com poll found one in five boomers either have had or would consider having cosmetic surgery.

While the non-invasive procedures cost less than a face-lift, experts say the effects will not last as long and repeat treatments might be needed several times a year.

Skin care:

One of the industry’s booming sectors is anti-ageing skin care, featuring wrinkle creams and facial serums. By some estimates, the U.S. market for cosmeceutical products — cosmetics with medicine-based ingredients — is approaching $20 billion a year.

However, the American Academy of Dermatology recommends consulting a dermatologist on what skin care products have been proved safe and effective in human studies.

After six weeks of use, the effectiveness of even the best products was limited and varied from subject to subject. “When we did see wrinkle reductions, they were at best slight, and they fell short of the miracles that manufacturers seemed to imply on product labels,” the academy states.

Even among the best-performing products, wrinkle reduction around the eyes was generally pretty subtle. After six weeks of daily use, none came close to eliminating wrinkles, a recent review stated.

Do you think Australian baby boomers are likely to spend as much as Americans when it comes to cosmetic surgery? Share your opinions in the comment box below.