The senior market is a lucrative one to explore. The population over 60 stood at 912-million in 2014, representing 12,6% of the global population – and by 2030 will account for 18%, reaching 1,5-billion globally.This is according to market research company Euromonitor International, which has released a new white paper on the challenges and opportunities in targeting the senior consumer.
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 massive 33% 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 of the study 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 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.