Dear Brands, Are You Silver Savvy?
Looking at the ‘Silver Generation’ as 60 years +, India has about 140 million senior citizens currently – about 10% of the total Indian population. This segment is poised for significant growth, projected to become 16% of the global elderly population by 2050, as per UN Population Estimates. But they are largely overlooked by mainstream marketing and service design. The spending power of this demographic is expected to surge, making India one of the top 10 markets for the 'Silver Economy' by 2030, with spending anticipated to rise from $100 billion to $1 trillion.
Affluent elderly Indians, keen to spend on travel, entertainment, and gadgets, wish to be independent and enjoy their lifestyle without relying on their children. This article urges brands to rethink their approach to this demographic, recognizing their diverse needs. It may be worth noting that the “younger, recent silvers” may be more technologically savvy than older ones, and those living independently vs living with their children may have different approach, and hence the need to avoid generalizations.
Historically, the focus on elderly populations has been on healthcare, but now with changing times, this generation is more independent and outgoing and hence offers an untapped potential – marketers need to recognize and cater to their needs specifically.
Brands are encouraged to better understand this demographic's engagement with their products through consumer connects. Examples include senior-friendly customer service options, user friendly digital app interface, and physical adaptations in travel and hospitality services to enhance comfort and accessibility.
Age is to be celebrated and supported, not ignored.
