Boomers Fight Aging with Wealth
Posted On August 31, 2011
The Baby Boomers are determined to remain “forever young,” even if they have to use all of their accumulated wealth to stay that way. Boomers have already pushed spending on anti-aging products to about $80 billion dollars a year and, by 2015, it will surpass $114 billion, increasing more than 40% in just about 3 years, according to Global Industry Analysts.
Anti-aging products range from over-the-counter skin creams to expensive surgeries. Whatever the category, the entire sector is enjoying a boom that is likely to continue for the next two decades as Boomers turn 65 at a rate of about 10,000 per day.
Despite the booming market for these products, the National Institute on Aging warns that most of them, especially the over-the-counter creams and supplements, come with no proof that they actually work. The treatments that do produce measurable results, such as cosmetic surgeries and hormone replacement therapies, are very expensive and are not covered by health insurance. Despite the high costs and minimal benefits, though, Boomers are spending freely in their determination to “not go gentle into that good night.”