Euromonitor analyses consumer opportunities for those over 60

Source: Euromonitor website.

Market research company Euromonitor International released today a new white paper on the senior consumer opportunity. While companies have traditionally ignored later lifers, defined as people over 60, because they are seen as frugal spenders with lower incomes and the ability to resist marketing messages, this segment is growing significantly.

The population over 60 stood at 912 million in 2014, representing 12.6% of the global population, and by 2030, this segment will grow to 18% of the total, or 1.5 billion globally, the company said.

While China is the fastest growing ageing market with over 60s forecast to grow by more than 46% between 2014 and 2030, Japan has the oldest population, with a third of the total population 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.

Key findings include:

• 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 when it comes to marketing beauty products to the over 60s. 
• Luxury goods focusing on heritage and craftsmanship are popular.
• 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. 

Download a copy of the white paper here.