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Speaking to the New Silver

Speaking to the New Silver

  • September 2016
  • 44 pages
  • ID: 4313734
  • Format: PDF
  • By GlobalData

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Speaking to the New Silver

Summary
Aging population is a phenomenon that is reshaping the global consumer landscape. While the current percentage of the global population aged 60-plus is estimated to be approximately 12%, this differs quite significantly on a regional and country level. Unsurprisingly, in the mature, developed markets of Western Europe, North America, and Australasia, this percentage increases to 23%, significantly higher compared to the younger populations of Africa and Latin America. This highlights the importance of this consumer segment while also making it essential to resonate with and effectively understand these consumers given the scale of their presence, particularly in regions where their size over-indexes the global average.

Globally senior population is anticipated to grow rapidly, and by 2050, the number of people aged 60 or over is expected to reach approximately two billion, around 22% of the global population. With advances in medicine and technology, global life expectancy is projected to increase and today's young population is expected to reach the age of 80 globally, except in Africa. Therefore the influence of the segment is likely to continue to grow in future as Millennials and the generations following them gain prominence in the silver segment.

The report “Speaking to the New Silver” is a research will focus on the evolving behaviors and preferences of today's senior segment, drawing comparisons to common stereotypes and the implications of these preferences when targeting this consumer group.

It has identified five key trends impacting consumers in the silver segment -
- Individualism and self-branding: Many consumers in this age group are seeking to convey their own specific personal brand, style, and personality through the products they buy. This breaks away from the traditional perceptions that seniors have universal preferences while also being predisposed to "safe," unadventurous options, with being unique and showcasing one's own brand being important to a significant proportion of the 55-plus age group.
- Age beautiful: The key theme associated with older consumers and their appearance is that of "anti-aging." While of course a significant proportion of seniors are seeking to turn back the clock, the majority are accepting the age they are and their subsequent appearance. The resultant behavior is a focus on looking good for your age, appreciating that everyone ages differently, and embracing that.
- Age healthy: Advances in medicine and technology mean that seniors are living longer than ever before. Many consumers within this age group are energetic and continue to lead active lifestyles in this stage in their life. The desire to be able to do this through remaining independent and mobile is driving a more proactive approach to health, while people are also taking preventative measures to mitigate these risks.
- Digital conversion: The concept of digitizing lifestyles has become synonymous with Millennials and younger consumers as they have grown up with today's technology. However, while seniors may not be using technology to the same extent, as quickly, or in the same way as their younger counterparts, they should not be excluded when defining the digital consumer.
- Experimental, experiential, and premium: Seniors enjoy experimenting, and are driven by new experiences. This creates opportunities to build unique experiences into product offerings and enhance brand engagement through portfolio expansion.
Key conclusions:
- Explore routes to customization and personalization, such as co-creation or adapting an existing product to individual preferences.
- Utilize intergenerational positioning to steer away from age-specificity and more towards lifestyle- and preference-targeted offerings.
- "Anti-aging" claims are no longer a hook for the many consumers who embrace their age, and can be perceived as ineffective. Explore positive messaging that aligns with this beauty approach (e.g. "perfecting").
- Promoting appearance-related health to ensure consumers look good whatever their age is essential. Focus on enhancing factors such as "radiance" and "hydration" to achieve this.
- Utilizing naturally beneficial and nutrient-dense ingredients will be important when appealing to seniors.
- Positive claims resonate best with seniors; however, including avoidance claims can assist in better management of health needs.
- Functional food and drink targeting muscle health, alertness, and concentration are key areas of interest for seniors.

Furthermore, this report provides in-depth insight into the senior segment and their importance in influencing today's FMCG landscape and helps to understand the attitudes, concerns, and behaviors of the senior generation both now and in the future.

Companies mentioned in this report: Boots, L'Oréal, WiseWear, Arla.

Key Findings
- The majority of consumers aged over 55 agree that they feel younger than they are. This suggests that age-based targeting using traditional senior stereotypes will not resonate with a significant proportion of consumers, and may even alienate them, given that perceptions of emotional age do not reflect physical age.
- Today's seniors are embracing digital change and new technologies as avenues to improve and enhance their lifestyles. Digital uptake and engagement is an approach being used across a range of dimensions including socializing, shopping, and even health. Smartphones are used by over half of consumers aged over 55 globally, and this therefore creates opportunities to leverage this connectivity to engage these consumers while also creating smartphone-optimized solutions.

Synopsis
The senior segment is rapidly evolving and brands need to move beyond traditional stereotypes of the silver segment. This brief seeks to explore the key trends shaping the behaviors and attitudes of this segment in relation to personal health, beauty and appearance, digital consumption, purchasing behavior, and individuality and self-expression.

- CONSUMER INSIGHT: Data analyzed from GlobalData's consumer surveys delivers a clear picture of the global senior segment.
- TRENDS: Understand the key trends shaping the behaviors and preferences of the senior segment both now and in the future.
- INNOVATION: See the best examples of innovation and actionable recommendations for brands seeking to target this consumer group.

Reasons To Buy
- Gain in-depth insight into the senior segment and their importance in influencing today's FMCG landscape.
- Understand the attitudes, concerns, and behaviors of the senior generation both now and in the future.
- Get recommendations to inspire future NPD to target seniors effectively both now and in the future.

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