Breaking the traditional image of senior citizens in Korea, a growing number of grannies are seeking sophisticated and elegant lifestyles as well as quality personal time of their own rather than being tied up with taking care of their grandchildren.

Market insiders here are closely monitoring the rise of so-called urban grannies, classifying them as a new consumer group, capable of purchasing luxury and high-quality products.

The new market term refers to women in their late 50s and 60s who are financially stable enough to shop items of their own interest, particularly in fashion and beauty, they said. This new consumer group is more open to spend money for expensive categories including luxury travel packages abroad, antiaging products and designer clothes.

According to recent data by GS Shop, an online retailer, about 40 percent of its female consumers in their 50s and 60s purchased fashion and accessories, followed by beauty and health food, seen as a major shift in their consumption patterns from particular interests in child care products and food in general.

The proportion of customers aged 60 and over also took up 13 percent at Shinsegae Department Store last year, the retailer said.

According to Korea Health Industry Development Institute, the size of cosmetics market for aging population will rapidly grow from 510.9 billion won in 2010 to 2.6 trillion won in 2020. The entire market including retail, beauty, leisure and dining services for the silver population is also expected to grow to 125 trillion won in 2020, it added.

Rapid demographic changes are expected to accelerate the market growth.

The average life expectancy of Koreans is expected to rise to 90 by 2100, from 81.3 in 2012.

Asia’s fourth-largest economy will also become a “super-aged society” by 2026. The proportion of people aged 65 and over is expected to surpass the 20-percent mark.

Cashing in on the rise of the new consumer group, cosmetics giant AmorePacific has signed a partnership agreement with Seoul National University in Bundang, Gyeonggi Province, to devise innovative senior care and antiaging programs.

The medical industry is also closely looking into the new consumer group whose major focus is on slowing the aging process. According to Banobagi Plastic Surgical Clinic in Seoul, patients in their 20s and 30s are no longer dominant patient groups. About 40 percent of patients who underwent face-lifting operations were those in their 50s and over last year, it added.

By Cho Chung-un (christory@heraldcorp.com)