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The Golden Economy: the consumer marketplace in an ageing society David Sinclair Head of Policy and Research – ILC-UK
Summary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
We influence Government policy and debate ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Some of our publications
It’s a big market ,[object Object],[object Object],[object Object]
The World is Ageing
How much further will we age? ,[object Object],[object Object]
Or perhaps more realistically? ,[object Object]
But irksome for Her Majesty ,[object Object],[object Object],[object Object]
An ageing society means more older consumers ,[object Object],[object Object],[object Object]
What makes a consumer an older consumer? Impact of biological ageing on consumption ,[object Object],[object Object],[object Object],[object Object]
Difficulty with shopping, communicating and handling money
Impact of social ageing in the consumer marketplace ,[object Object],[object Object],[object Object]
Are older consumers changing? ,[object Object],[object Object],[object Object]
But is this a new phenomenon? ,[object Object],Dodge, 1962
Let’s not assume older people are all the same
Many like to travel
And they want to have fun ,[object Object]
If they aren't the same, how do we segment? ,[object Object],[object Object],[object Object],[object Object],[object Object]
The Baby Boomers as a Segment ,[object Object],[object Object],[object Object],[object Object]
The Baby Boomers ,[object Object],[object Object],[object Object],[object Object]
Cognitive age and segmenting ,[object Object],[object Object],[object Object],[object Object]
Social Participation and Age
Yet people would like to participate more
There are some very wealthy people not spending
It’s not just about money.
Distribution of net household financial wealth 1 :  by age of household head (2006/08)
Are older consumers ignored? ,[object Object],[object Object],[object Object]
Why don’t companies target older people? ,[object Object],[object Object],[object Object]
But some companies are getting more interested ,[object Object],[object Object]
How might an ageing society change the consumer marketplace? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Even beer … ,[object Object]
Categories of household expenditure by age of household reference person (2007)
Average Weekly Expenditure by Age of Household Reference Person
Growth in expenditure (BIS)
The older consumer as giver and recipient ,[object Object],[object Object],[object Object],[object Object]
Representation of older people in advertising ,[object Object],[object Object],[object Object],[object Object],[object Object]
Representation of Older People
Representation of Older People
Technology – an opportunity (and a challenge) ,[object Object]
New technology will change the older consumer ,[object Object],[object Object],[object Object]
Artificial Intelligence entity passes A level Possible technology innovations to 2050 2010 2020 2030 2040 2050 Artificial Intelligence causes redundancies Computer controlled hunger suppressant Emotion control devices Auto-pilot cars Holographic TV Full voice recognition PCs Thought input mechanisms widespread Viewers can choose film roles Global voting on some issues Tooth regeneration Listing of individual DNA Circuits made with bacteria Bionic Olympics Active skin makeup Disposable phones Digital mirrors Face recognition doors Smart bath Individual pollution credits Human memory enhancement Virtual holidays Hydrogen fuel stations Self drive cars VR windows Prison countries  Invisibility cloak Self clean houses Global ID card Robocops Human memory downloads Nuclear fusion Humanoid robots beat national football team Artificial brain Brain downloads Virtual displays Wave energy =50% in UK
Technology limited by imagination
Google knows!
“ But how much smaller do we want a phone?” ,[object Object],[object Object],[object Object]
Inclusive design
Can you read the menu? ,[object Object]
Shopping Around ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Direct and indirect age discrimination ,[object Object],[object Object]
Ghost Town Britain (& Transport/toilets)
Other findings ,[object Object],[object Object],[object Object],[object Object]
Other findings ,[object Object],[object Object],[object Object]
Other findings ,[object Object],[object Object],[object Object]
Do we need to take age out of the equation? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Summary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Many thanks ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Older consumers david sinclair presentation fia no pics

Editor's Notes

  1. People in their 60s holiday more widely than adults aged 18-59, and 29 per cent of those aged 80+ have been on holiday in the last year. People aged 65-74 were holidaying at least as often as those aged 30-49. However, 28 per cent of over 75s had holidayed at least three times in the last year (compared with 18 per cent of those aged 30-49).
  2. These technology innovation timelines are designed to make us see what can change, what might come, and how we might use technology to do different things, or do things differently. None of them is definite, but all are potentially possible. The ideas come from two main sources, both on the web: BT Technology timeline and Nowandnext. We have displayed them in different fonts so you can see the original source, no other reason, in case you are interested in looking at more of the ideas. These are only some of the many ideas shown there. Use them to think about some of the ‘inventions’ you might want to see between now and 2025, that might change the lives of older people for the better. . http://nowandnext.com/PDF/TimeLineweb_ver2.pdf http://www.btplc.com/Innovation/News/timeline/