India’s demographic landscape is evolving, revealing a burgeoning class of affluent senior citizens. They’re a force to be reckoned with, boasting significant numbers and formidable spending power. Despite this, their presence in mainstream marketing, especially in sectors like fashion, beauty, durables, and automobiles, remains sparse. It’s a curious oversight, given their potential as consumers. Senior citizens are not just numbers; they are decision-makers, trendsetters, and a rapidly growing, affluent generation. It’s high time brands rethink their strategy and include this vital segment in their narrative.
The ‘Silver’ Generation: Unveiling the Market Potential of India’s Affluent Elders
India’s demographic landscape is evolving, revealing a burgeoning class of affluent senior citizens. They’re a force to be reckoned with, boasting significant numbers and formidable spending power. Despite this, their presence in mainstream marketing, especially in sectors like fashion, beauty, durables, and automobiles, remains sparse. It’s a curious oversight, given their potential as consumers. Senior citizens are not just numbers; they are decision-makers, trendsetters, and a rapidly growing, affluent generation. It’s high time brands rethink their strategy and include this vital segment in their narrative.
Ankur Bisen, Senior Partner & Head – Consumer, Food & Retail at Technopak Advisors, sheds light on this issue. He highlights a significant challenge in the elder care market: accessibility and affordability. He points out that while there are products aimed at seniors, especially in safety and security, they’re often hard to come by or priced out of reach. Many such items, like adult diapers, lack branding and are imported, which can affect availability and trust. However, there’s potential for change. As profitability becomes apparent, companies that traditionally haven’t catered to seniors might enter the market. Bisen cites Japan as a prime example of a nation that’s proactively adapting to meet the needs of its aging population, from infrastructure to customer service, setting a standard for others to follow.
From fashion to technology, seniors are ready to engage with brands that respect and understand their needs.
READ MORE AT: India’s silver economy: Far-off prospect or underserved segment?, ET BrandEquity (indiatimes.com)
