Forget Millennials: Baby Boomers May Soon Be The Biggest Players In The Self-Care Economy

When it comes to splurging on salons and beauty products, a large sector of the self-care economy, “one generation rises far above the rest,” says a new Bank of America report that analyzed consumer credit and debit data.

As of December, baby boomers’ spending on beauty salons increased by 4% year over year—over three percentage points higher than other generations, per the report. Boomer spending on specialty beauty stores, like Sephora and Ulta Beauty, grew even more at 7% year over year, over five percentage points more than other generations. One notable exception in this age group is the spending on fitness clubs, which is more in line with other age groups, but still growing by 1% year over year. 

Overall, Gen Z and baby boomers were spending less than other generations on self-care in 2024. The report says this suggests “that these generations may have some capacity to increase spending across all self-care categories in the year ahead.” 

Baby boomers were the most likely—52%—to say they have enough money to spend on self-care, according to the Bank of America Market Landscape Insights Study. 

“This is nearly twice the share of Gen Z respondents, suggesting that younger people may seek value and low-cost alternatives by turning to general merchandise stores or shopping online for their self-care needs,” according to the report. 

This comes as research underscores how lifestyle habits, like exercising, reducing stress, and taking care of overall mental health reduce the risk of chronic conditions and help people age well—perhaps more top of mind for those in their sixties and seventies.

Baby boomers’ spending potential in self-care also may be fueling a growing market of wellness experiences claiming to help optimize aging, such as longevity tourism. Further, a McKinsey report last year found that over 60% of consumers found it very or extremely important to spend money on ways to improve their longevity.