Courtesy of Brand Genetics blog
The ageing consumer is one of the most profitable yet untapped segment.
In 2012, there are 20 countries whose population is shrinking. By 2020, over 40% of the adult population in “ultra-ageing” Japan will be 60 years or older. Come 2050, another 25 countries will have ageing populations, the largest of which is China.
With greater longevity and lower fertility rates across the globe, we will see more older and fewer younger people over the next few decades. What then should companies do to prepare for such sweeping demographic changes?
What is the fastest growing yet often neglected consumer group? One that has contributed to a demographic bulge of about 77 million people in the US?
Yes, I’m talking about the Baby Boomers, i.e. those born from 1946 to 1964. Hitting their silver years over the next decade or so, Baby Boomers represent the largest age-related demographic group in the world today. In China alone, it is predicted that the 50+ marketplace will swell to a staggering 525.8 million people by 2025.
Active Ageing award winners show the tremendous potential in the silver market (courtesy of mylifestylemap.com)
A recent news article in The Straits Times got me all excited yet again about the oldest but most neglected market opportunity.
Namely, the silver-haired (or seniors) market.
Not all seniors are frail and embittered (courtesy of ACE)
One of the biggest mysteries about contemporary marketing is this.
Why are such an overwhelming proportion of companies in the world only obsessed with advertising or selling to the young?
Don’t they know that the youth market is going to be shrinking in the years to come, or that seniors will dominate the world’s population, especially in developed countries?