Aging consumers
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The document summarizes key information about the silver market and aging consumers in Asia. It notes that over 1/3 of the population in Asia will be over 50 by 2018. The spending power of retirees aged 65+ in Asia will reach nearly $2 trillion by 2015. However, the needs and preferences of aging consumers are diverse. Understanding the effects of aging on sensory, physical, and cognitive abilities is key to developing age-friendly communications, products, and customer experiences.
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Aging consumers
- 1. The Silver Market Rethinking Aging Consumers MRSS Asia Research Conference, 7th April, 2011 Connecting you to the 50+ market © Silver Group 2010 © Silver Group 2011
- 2. © Silver Group 2011
- 3. 1/3 over 50 50 + 46% 37% 41% 43% 37% 37% 37% 37% 36% 32% 32% 31% 28% 27% 27% 28% 23% 20% 21% 18% 18% 17% 15% 15% 15% 2008 2018 Data: Global Demographics © Silver Group 2011
- 4. US$2tr spending power Retired (65+) 2500 $1,963.9 2000 US$ billions 1500 Affluent Asia Emerging Asia $1,021.2 1000 TOTAL 500 0 2005 2015 Affluent Asia: Japan, Korea, Taiwan, Singapore, Australia Emerging Asia: China, India, Thailand, Malaysia, Philippines © Silver Group 2011 MasterCard Asia/Pacific
- 5. inconvenient truths © Silver Group 2011
- 6. Singapore’s wealthy Offshore Accounts For Investment Purposes Life Insurance Other Properties You Own Or Invest In Private Property You Are Living In Privilege/Priority Banking Account 50~64 25~49 Unit Trust Fund/Mutual Fund Foreign Currencies As An Investment Stock/Securities/Bonds 80 100 120 140 Synovate PAX © Silver Group 2011
- 7. not all the same © Silver Group 2011
- 8. © Silver Group 2011
- 9. © Silver Group 2011
- 10. don’t make me angry! “What aspects of getting older most annoy you?” 40% 60% PHYSIOLOGY PSYCHOLOGY SilverPoll™ Jan 2009 N = 526,623 © Silver Group 2011
- 11. © Silver Group 2011
- 12. © Silver Group 2011
- 13. SilverPoll2 Singapore Mar 2011 14,908 online responses, 50+ © Silver Group 2011
- 14. © Silver Group 2011
- 15. © Silver Group 2011
- 16. Online Retail EFFECTS OF AGEING •!Sensory •!Physical Communications •!Cognitive Product Support © Silver Group 2011
- 17. effects of ageing + customer journey = age- friendliness SENSORY ONLINE Making Business Age-Friendly COMMUNICATIONS PHYSICAL PHONE SALES/SUPPORT COGNITIVE PRODUCT RETAIL © Silver Group 2011
- 18. © Silver Group 2011
- 19. Source: MetaFacts (USA) 2009
- 20. 2000! 2001! 2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! YTD! Apple! PC’s! S&P 500!
- 21. © Silver Group 2011
- 22. 2.8 © Silver Group 2011
- 23. © Silver Group 2011
- 24. © Silver Group 2011
- 25. © Silver Group 2011 2.7
- 26. © Silver Group 2011
- 27. 3.2 © Silver Group 2011
- 28. © Silver Group 2011
- 29. © Silver Group 2011
- 30. © Silver Group 2011
- 31. © Silver Group 2011
- 34. © Silver Group 2011
- 35. Connecting you to the 50+ market www.silvergroup.asia www.silvergroup.asia/blog © Silver Group 2011