Golden Years, Golden Opportunities
Read more about what an aging consumer base means for businesses, how to tap into the wealth held by this cohort, and who among older adults is spending – and on what.
Across the world, as people live longer and birth rates decline, the global population is slowly but surely getting older.
In comparison to some of the disruptive events experienced in recent times – a pandemic, high inflation, political upheavals, and the explosion of generative AI – this slower, less dramatic change can attract less attention.
But by 2050, one out of every five people in the world is projected to be 60 or over. This ratio is projected to be one in three for North America and Europe. At that point, it will be impossible to ignore this older age group.
But are businesses prepared for the challenges and opportunities presented by an aging world?
In this paper, we explore what an aging consumer base means for businesses, how to tap into the wealth held by this cohort, and who among older adults is spending – and on what.
The key to successfully targeting older consumers starts with a better understanding of how older adults differ on dimensions that impact marketing and innovation.
In this vein, the paper also shares a new segmentation of older consumers, based on a pilot of 1,500 consumers aged 60 and over from across four countries. The pilot uncovered four segments based on their financial situation, and their attitudes towards consumption, aging, food and beauty: Simple Contentment, Strivers, Strugglers, and Chill Indulgence.
Key takeaways: