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The Golden Economy:   the consumer marketplace  in an ageing society David Sinclair Head of Policy and Research – ILC-UK
Methodology ,[object Object],[object Object],[object Object],[object Object],[object Object]
It’s already a big market ,[object Object],[object Object],Age Concern and Help the Aged analysis of ONS Family Spending 2010
An ageing society means more older consumers ,[object Object],[object Object],[object Object]
Government and the older consumer ,[object Object],[object Object],[object Object],[object Object]
Infrequent participation and respondent would like to participate more often ELSA (English Longitudinal Study of Ageing) Wave 3 Core respondents
There are some very wealthy people not spending
But what makes a consumer an older consumer? Impact of biological ageing in the consumer marketplace ,[object Object],[object Object],[object Object],[object Object],[object Object]
Difficulty with shopping, communicating and handling money ELSA Wave 3 Core respondents. Weighted percentages.
Impact of social ageing in the consumer marketplace ,[object Object],[object Object],[object Object]
And who are the older consumers? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Average gross weekly income ,[object Object],[object Object],[object Object]
Distribution of net household financial wealth 1 :  by age of household head (2006/08) ,[object Object]
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) Expenditure and Food Survey (2007) Office for National Statistics  (created from data in click-use data table).
Growth in expenditure (BIS) BIS (2009) Is Business Ready for an Ageing Population? Economic Opportunities and Challenges  of Ageing: an Analytical Paper. Growth in expenditure 2008-2033 (%) 0% 10% 20% 30% 40% 50% 60% 70% 80% Food/drink Alcoholic drinks Clothing Fuel/power Household goods Health Transport Communication Recreation Education Restaurants/hotels Miscellaneous Demography Expenditure growth
The older consumer as giver and recipient ,[object Object],[object Object],[object Object],[object Object]
Older consumers in a digital world ,[object Object],[object Object]
Digital exclusion in the consumer market   ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Lots of examples of products failing in terms of inclusive design ,[object Object],[object Object]
Inclusive design of mainstream
Shopping around ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Mixed evidence about shopping around but in terms of insurance; utilities; communications technologies, there is evidence that as we get older we are less likely to shop around. But if marketers assume people don’t shop around they won’t target them.
Other findings ,[object Object],[object Object],[object Object],[object Object]
Direct and indirect age discrimination ,[object Object],[object Object]
Other findings ,[object Object],[object Object],[object Object],[object Object]
Other findings ,[object Object],[object Object],[object Object]
Are older consumers changing? ,[object Object],[object Object],[object Object],[object Object]
But is this a new phenomenon? ,[object Object]
But is this a new phenomenon? ,[object Object]
Convenient myth of the elderly hedonist ,[object Object],[object Object]
And do we need to take age out of the equation? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Many thanks ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Older consumers

  • 1. The Golden Economy: the consumer marketplace in an ageing society David Sinclair Head of Policy and Research – ILC-UK
  • 2.
  • 3.
  • 4.
  • 5.
  • 6. Infrequent participation and respondent would like to participate more often ELSA (English Longitudinal Study of Ageing) Wave 3 Core respondents
  • 7. There are some very wealthy people not spending
  • 8.
  • 9. Difficulty with shopping, communicating and handling money ELSA Wave 3 Core respondents. Weighted percentages.
  • 10.
  • 11.
  • 12.
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
  • 18.
  • 19. Categories of household expenditure by age of household reference person (2007) Expenditure and Food Survey (2007) Office for National Statistics (created from data in click-use data table).
  • 20. Growth in expenditure (BIS) BIS (2009) Is Business Ready for an Ageing Population? Economic Opportunities and Challenges of Ageing: an Analytical Paper. Growth in expenditure 2008-2033 (%) 0% 10% 20% 30% 40% 50% 60% 70% 80% Food/drink Alcoholic drinks Clothing Fuel/power Household goods Health Transport Communication Recreation Education Restaurants/hotels Miscellaneous Demography Expenditure growth
  • 21.
  • 22.
  • 23.
  • 24.
  • 25. Inclusive design of mainstream
  • 26.
  • 27.
  • 28.
  • 29.
  • 30.
  • 31.
  • 32.
  • 33.
  • 34.
  • 35.
  • 36.