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In an era when an aging population continues to redefine social norms, the increased use of luxury cosmetics among older people highlights aspirations around beauty and self-care. This study investigates the impact of luxury cosmetics use on self-esteem, subjective well-being and quality of life among older people and identifies distinct usage profiles within this group. This study involved 312 older people (M = 67.9 ± 6.5 years) using the following instruments: (1) Rosenberg Self-Esteem Scale; (2) Positive and Negative Affect Schedule; (3) Satisfaction with Life Scale; (4) Quality of Life Scale; and (5) Sociodemographic, health, lifestyle, and engagement with luxury cosmetics questionnaire. Linear regression analysis revealed a low but statistically significant influence of luxury cosmetics use on self-esteem, subjective well-being and quality of life. Cluster analysis identified three groups: Cluster 1, with high levels of luxury cosmetics usage, self-esteem, subjective well-being, and quality of life; Cluster 2, with low luxury cosmetics engagement, and low levels of self-esteem, subjective well-being, and quality of life; and Cluster 3, also with low engagement with luxury cosmetics but maintaining moderate levels of self-esteem, subjective well-being, and quality of life. This research contributes to the understanding of the relationship between luxury consumption and aging, highlighting the importance of inclusive marketing that values all ages and recognizes the unique desires and challenges of older consumers.