Challenges and Opportunities in Targeting the Senior Consumer
The senior market is a lucrative market to explore. The population over 60 stood at 912 million in 2014, representing 12.6 percent of the global population. By 2030, this segment will account for 18 percent, reaching 1.5 billion globally. While China is the fastest growing ageing market with over 60s forecast to grow by more than 46 percent between 2014 and 2030, Japan has the oldest population, with a massive 33 percent aged over 60. Japan is a model on the impact of this demographic shift, showing the effects of different methods of governmental intervention and product development opportunities.
- E-health, home assistance and elderly-friendly services will drive technology developments in the senior market, with health being the most dynamic consumer expenditure category through 2030.
- Efficacy and natural features remain key features when it comes to marketing beauty products to the over 60s.
- Demand for luxury goods focusing on heritage and craftsmanship is popular among senior consumers.
- As senior consumers usually invest in timeless, quality clothing, an older population will have a negative impact on sales volume in the apparel market.
- Presbyopia represents a key market driver in eyewear.