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What retailers need to know about older shoppers

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Across most of the developed world, older (50+) shoppers represent the largest, fastest growing, wealthiest, most loyal and least contested market segment. But most retailers fail to understand their needs.

Do we need a different approach?

Published in: Retail, Business
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What retailers need to know about older shoppers

  1. 1. © Silver Group From a presentation to the Singapore Retail Industry Conference September 11, 2013
  2. 2. 50+ population 2018 36% 37% 41% 18% 18% 46% 37% 20% 21% 37% 37% 31% 39% 35% Source: Global Demographics © Silver Group
  3. 3. largest © Silver Group 0~14 15~34 34~49 50+ Singapore 2018 Data: Global Demographics 37% 13% 27% 22% 37%Singapore population 50+, 2018
  4. 4. © Silver Group * Aus, China, HK, India, Indon, Japan, Korea, Msia, Phils, Spore, Taiwan, Thai, Viet Data: Global Demographics -6% 2% 1% 0 ~ 14 15 ~ 34 35 ~ 49 50 + fastest growing APAC population 2008 ~ 18 +33%
  5. 5. wealthiest © Silver Group 1,021.2 1,963.9 2005 2015 65+ Japan, Korea, Taiwan, Singapore, Australia, China, India, Thailand, Malaysia, Philippines Source: MasterCard Asia/Pacific US$ billions US$2trillion p.a Annual spending power. APAC 65+
  6. 6. USA: 80% - luxury travel 74% - prescription drugs 51% - OTC drugs 60% - healthcare spending 41% - new cars 25% - toys $7 billion online sales annually EUROPE: 45% - new cars & 80% top range 50% - face care/cosmetics 55% - coffee 50% - mineral waters 50% - food oils (60% olive oils) 40% - yogurts & dairy products 35% - travel, 80% cruises © Silver Group
  7. 7. in-store spenders © Silver Group 57% 66% 69% 72% 19 - 36 37 - 47 49 - 67 68+ % of in-store shoppers who purchase Source: The NPD Group
  8. 8. loyalists © Silver Group 54% 59% 61% 25% 27% 30% 18 ~ 34 35~54 55+ Salespersons help Able to touch/try/feel Source: Digital and the New Consumer - Havas
  9. 9. Q: We see little difference between the needs of older customers and those of other customers © Silver Group Silver/SRA Survey. August 2013 Disagree/ Neutral 85% Agree 15%
  10. 10. largest fastest growing wealthiest most loyal least contested © Silver Group
  11. 11. © Silver Group
  12. 12. their attitudes are shaped by the same influences as other age groups © Silver Group AGE GENDER WEALTH LIFESTYLE SEXUALITY EDUCATION ETHNICITY INCOME
  13. 13. © Silver Group
  14. 14. THINK FEEL LOOK younger for longer © Silver Group most want to …….
  15. 15. ageing body ageing mind ageing senses complex. relentless. universal the big differentiator
  16. 16. 25 effects of ageing
  17. 17. Communications Support Product Online Retail © Silver Group
  18. 18. •  no negative affect on younger consumers •  minimal cost © Silver Group
  19. 19. © Silver Group Over 200 questions across the customer journey The Audit Tool
  20. 20. ProductCommunications 4.7 63 years old © Silver Group
  21. 21. Communications Support Product Online Retail 2.2 © Silver Group
  22. 22. Retail 3.9 © Silver Group
  23. 23. Product 4.3 © Silver Group
  24. 24. Product Support 4.6 © Silver Group
  25. 25. Design for the young: Exclude the old or Design for the old: Include everyone
  26. 26. takeaways © Silver Group
  27. 27. our services Workshops "  Insightful, interactive, fun and actionable workshops that help teams understand the opportunities and challenges of older customers "  Sessions ranging from ½ day introductions to 2-day immersion and ideation programmes Age-Friendly audits "  Using unique tools to evaluate your entire customer journey through the prism of ageing "  Enable business to identify and remove the barriers between them and older consumers Research and strategy "  Applying research, insights and ideas to devise unique strategies that create a sustainable competitive edge with the ageing consumer Speaking "  Kim Walker is one of the few global authorities on this subject. A TED speaker and co- author of a definitive book on the subject*, his lively delivery entertains and informs. His internationally awarded keynotes cover topics such as: •  How you can benefit from your ageing customer base •  Marketing to the ageing consumer© Silver Group
  28. 28. some of our clients © Silver Group
  29. 29. Email: info@silvergroup.asia Silver Web: www.silvergroup.asia Blog: http://silvergroup.asia/blog/ Twitter: https://twitter.com/#!/SilverGroup Age-Friendly web: www.age-friendly.com Contact us to learn more: © Silver Group

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