What retailers need to know about older shoppers
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Across most of the developed world, older (50+) shoppers represent the largest, fastest growing, wealthiest, most loyal and least contested market segment. But most retailers fail to understand their needs. Do we need a different approach?
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What retailers need to know about older shoppers
- 1. © Silver Group From a presentation to the Singapore Retail Industry Conference September 11, 2013
- 2. 50+ population 2018 36% 37% 41% 18% 18% 46% 37% 20% 21% 37% 37% 31% 39% 35% Source: Global Demographics © Silver Group
- 3. largest © Silver Group 0~14 15~34 34~49 50+ Singapore 2018 Data: Global Demographics 37% 13% 27% 22% 37%Singapore population 50+, 2018
- 4. © Silver Group * Aus, China, HK, India, Indon, Japan, Korea, Msia, Phils, Spore, Taiwan, Thai, Viet Data: Global Demographics -6% 2% 1% 0 ~ 14 15 ~ 34 35 ~ 49 50 + fastest growing APAC population 2008 ~ 18 +33%
- 5. wealthiest © Silver Group 1,021.2 1,963.9 2005 2015 65+ Japan, Korea, Taiwan, Singapore, Australia, China, India, Thailand, Malaysia, Philippines Source: MasterCard Asia/Pacific US$ billions US$2trillion p.a Annual spending power. APAC 65+
- 6. USA: 80% - luxury travel 74% - prescription drugs 51% - OTC drugs 60% - healthcare spending 41% - new cars 25% - toys $7 billion online sales annually EUROPE: 45% - new cars & 80% top range 50% - face care/cosmetics 55% - coffee 50% - mineral waters 50% - food oils (60% olive oils) 40% - yogurts & dairy products 35% - travel, 80% cruises © Silver Group
- 7. in-store spenders © Silver Group 57% 66% 69% 72% 19 - 36 37 - 47 49 - 67 68+ % of in-store shoppers who purchase Source: The NPD Group
- 8. loyalists © Silver Group 54% 59% 61% 25% 27% 30% 18 ~ 34 35~54 55+ Salespersons help Able to touch/try/feel Source: Digital and the New Consumer - Havas
- 9. Q: We see little difference between the needs of older customers and those of other customers © Silver Group Silver/SRA Survey. August 2013 Disagree/ Neutral 85% Agree 15%
- 10. largest fastest growing wealthiest most loyal least contested © Silver Group
- 11. © Silver Group
- 12. their attitudes are shaped by the same influences as other age groups © Silver Group AGE GENDER WEALTH LIFESTYLE SEXUALITY EDUCATION ETHNICITY INCOME
- 13. © Silver Group
- 14. THINK FEEL LOOK younger for longer © Silver Group most want to …….
- 15. ageing body ageing mind ageing senses complex. relentless. universal the big differentiator
- 16. 25 effects of ageing
- 18. • no negative affect on younger consumers • minimal cost © Silver Group
- 19. © Silver Group Over 200 questions across the customer journey The Audit Tool
- 20. ProductCommunications 4.7 63 years old © Silver Group
- 25. Design for the young: Exclude the old or Design for the old: Include everyone
- 27. our services Workshops " Insightful, interactive, fun and actionable workshops that help teams understand the opportunities and challenges of older customers " Sessions ranging from ½ day introductions to 2-day immersion and ideation programmes Age-Friendly audits " Using unique tools to evaluate your entire customer journey through the prism of ageing " Enable business to identify and remove the barriers between them and older consumers Research and strategy " Applying research, insights and ideas to devise unique strategies that create a sustainable competitive edge with the ageing consumer Speaking " Kim Walker is one of the few global authorities on this subject. A TED speaker and co- author of a definitive book on the subject*, his lively delivery entertains and informs. His internationally awarded keynotes cover topics such as: • How you can benefit from your ageing customer base • Marketing to the ageing consumer© Silver Group
- 28. some of our clients © Silver Group
- 29. Email: info@silvergroup.asia Silver Web: www.silvergroup.asia Blog: http://silvergroup.asia/blog/ Twitter: https://twitter.com/#!/SilverGroup Age-Friendly web: www.age-friendly.com Contact us to learn more: © Silver Group