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.
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.
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.
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?