Old? No, That's Not Me!

What’s the trend?
Actually, retro is so in right now.

Act your age?
Hardly.


The changes that we see in consumer behaviour have made demographic segmentation based on age almost useless. Any assumptions associated with age can pretty much be thrown out the window.
Today’s seniors are living and working longer than any before them, while looking like much their younger colleagues and associates. The Boomer generation has refused to let go the trend of young-as-cool and by doing so it has changed the market in two key ways:

• They redefined what getting older means or doesn’t mean.

• They brought up the next generation as free-thinkers, who act as adults before even being able to vote and never actually growing up. 

In a nutshell, be aware that modern consumers have become simultaneously more diverse, more open and less bound by convention – especially age.

How can YOU use it?


Even Boris likes cyclin



• Transport:

Multiple illustrations of how modes of transport traditionally associated with youth are being embraced by older demographics: rise in middle-aged female motorcyclists; automakers are looking outside the traditional themes of selling cars through electronics, safety and fuel economy; bicycle retailers and cycle hiring (think ‘Barclays cycle hire’). If you’re in this in industry, come up with selling proposition that relates to the trend.

•  Beauty and Personal Care:

Feel young.

Those at the younger end are taking a more preventative approach to their health and physical appearance while the rest want to ensure that they don’t only maintain good appearance but also let their beauty shine through. As a result, there is good market for niche brands, indulging health and beauty treatments, oral hygiene and any innovative product with ’I-love-myself’ and ‘young-forever’ factors.

• Leisure and Entertainment:

Good old bingo evenings.

No one says goodbye to the beloved music, style, hobbies or leisure activities of their youth just because they’ve grown up. Therefore, entrepreneurs get ready to invest in nostalgia-tinged products, ranging from movie remakes, re-releases of retro products, casinos, video games, music festivals, comic books and other so-called youth pursuits. All is and will be welcome.

•  Retail:

Exclusivity flatters customer's ego.

A quarter of women aged 35-54 dress young for their age. They are on the lookout for fashionable yet age-friendly (e.g. comfortable, figure-flattering) clothing and accessories that look professional and don’t remind of ‘middle age/middle management.’ Entrepreneurs with eye-for-fashion and tailoring skills get ready to make money - think niche, boutique and premium prices since this will bring exclusivity to your business and flatter your customers’ ego. If you have no tailoring skills make sure you spot the high quality pieces and offer them to the right people.

• Technology:

Find out what works best for you.

Most older consumers enjoy the use of technology not less than their younger peers. However, there are plenty of gaps in the market that can be explored. Devices designed specifically to suit older generation needs, guides with the right easy-to-read colours and fonts, and stripped-down services could give your company the distinction it needs.

• Travel:

Tick off another fabulous destination

The market is massive - senior-friendly excursions are part of an industry that will grow in future as more Boomers enter seniorhood. If you have ideas related to adventure travel, making airlines, hotels and other transit venues more comfortable and affordable, ticking-off destinations and out-of-the-box thinking then GO AHEAD.

Key actions:

• Older consumers in particular will benefit from more attention and less stereotyping by advertisers.
• Don’t forget the realities of lifestage. For example, teens still need parents’ permission (and cash); seniors still face physical limitations.
• Know your consumers in depth and remember they real human beings with feelings, emothions, dreams and fears.
• Instead of patronizing consumers, use their same-age peers as relatable ambassadors.
• Think out of the box, bring to the table intelligence and connect with them on different level by understanding them.They are not data, numbers and stats, but human being that think and feel.

Source:
Mintel Oxigen (2011) ‘Trend: Agelessness’, [WWW]. Available from: http://academic.mintel.com/sinatra/oxygen/list_trends/&sort=recent/display/id=238887 (accessed on 3.10.2011)