There were a couple of articles in the UK Press recently about 10000 more over-70s hit the road every month ( source- Institute of Advanced Motorists). In this instance it used the data to advise manufacturers to consider Sat Navs with bigger screens, blind spot cameras for drivers who struggle to look over their shoulder and higher driving positions with wider opening doors.
In addition to this the UK comes 4th in an Active ageing index ( European commission statistic)as the over-65s are making use of zero hours contracts ( source Southampton University) as it suits that age group to not have a long term commitment and work when it suits them .
Coupled with a potential pension’s crisis, the demographics would indicate that the issues surrounding an ageing population allied with better health care may be here to stay.
According to a recent study by the charity Age UK, the number of people aged over ) to 16 ,million by the end of the next decade
This part of the work force therefore may create opportunities for manufacturers and retailers to sell specific products for this market.
Bearing in mind that the older worker may not have the disposable income they once enjoyed, they may well have capital locked up which one day will be realised.
So products that are offered to this market may well have to be ‘marketed’ differently, advertising should be more informative rather than persuasive and less reliant on ‘trending ‘ and products should be what are needed rather than ‘must haves’
The point here for any MBA student is that sitting in a lecture on marketing and market segmentation, please realise that this is an ever growing segments and a real opportunity to innovate.
For any graduate MBA student, realise the world has changed and we are all working longer and are still active consumers for the right product.
Speaking personally I would like to be sold products based on fact and not fantasy and not be patronised or lied to, because, quite frankly as you get older and have had more ‘customer experience’ you have , literally, seen it all before.
A real opportunity indeed to chase the ‘silver pound’.
