One of the fastest ageing countries in the world, Taiwan has a total population of 23 million of which around 22% are people born between 1946 and 1964.
In this article, Nielsen explains the importance of understanding the differences between these boomers and younger cohorts.
For example, among consumers between 50 and 65:
- 53 percent pay attention to the price of daily essentials.
- 72 percent of them are open to changing what they buy based on promotions—a clear signal to marketers that well-designed promotions are promising ways to change Boomers’ buying behavior.
At the same time as they show evidence of price consciousness, Boomers want to spend more on themselves: In 2008, 35 percent said they “wanted to treat themselves better.” In 2013, the number was 43 percent.
They spend more money on food, cigarettes and alcohol, and travel than other cohorts. And they spend more than they used to in pursuit of a youthful look—the percentage changes between 2008 and 2013 on body and facial care, cosmetics and hair colouring have all gone up significantly.
Opportunities abound for age-friendly marketers.