Brand owners are waking up to the potential loyalty and buying power of the over-55 set according to this article in Hindu Business Line.
The article states that “Companies are waking up to the fact that they would rather not spend their marketing budget on a group of people who change their preferences every few months, or even on every shopping trip, and would rather invest in building a relationship with someone who is unlikely to change brand choices, ever”.
India has 98 million elderly citizens, and this is expected to grow to 118 million senior citizens by 2016, as average life expectancy crosses 70 years by then.
Seniors are shopping, and companies are taking greater notice of this valuable market. Given the fact that the elderly habitually stick to their favourite brands, and that most are wealthier and healthier than ever before, companies are helping these self-indulgent seniors enjoy themselves, especially in terms of real estate.
While it may well be the case that the the ageing Indian consumers “habitually stick to their favourite brands”, this is sadly stereotypical. Nevertheless, 118 million consumers are waiting for companies that recognise them and the changing needs as they age.