People photo created by tirachardz – www.freepik.com
The ageing consumer is one of the most profitable yet untapped segment. Every year, billions of dollars are left on the table by companies around the world as they ignore this increasingly influential and affluent group of consumers.
Consider this.
Celebrity CEO of Fly Entertainment Irene Ang inspires the crowd
“Get a L.I.F.E.!” is the mantra of this year’s 50 Plus Expo.
Hosted by the Council for Third Age (C3A) and held at Suntec City last month, the event featured over 140 companies and organisations providing products and services catering to the over 50 market. Divided into four thematic zones – Live , Inspire, Fulfill, and Enjoy (hence L.I.F.E.) – the event covered practically every topic which active agers would be interested in.
Colonel Sanders opened his first KFC at the age of 65 (courtesy of the Bluegrass Historian)
Like it or not, we’re becoming a greying population.
With low fertility rates of 1.2, the ratio of young to elderly Singaporeans would decline in the decades to come. This has been highlighted as a critical problem in the much talked about White Paper on the Population, and a reason why we need to augment our population through immigration and to bolster our businesses through skilled foreign workers.
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?