This headline may come as a surprise to some. Not to me.
According to the Economist piece titled CAN DEMOGRAPHICS DRIVE DISRUPTION?; “the growth of the over-60 market is one of the most under-appreciated trends shaping technology and R&D. Indeed, the over-60s may be the first market for some of the most seismic disruptive technologies in areas like robotics, health and autonomous vehicles“.
Healthcare executives are certain of this—86% believe that the older generation is a greater source of disruptive change than emergent technologies such as data analytics or the Internet of Things (IoT).
Key takeaways from the Economist report suggest;
– Study demographics in your markets; they are a powerful force in customer-driven disruption.
I believe most businesses have moved past the basic recognition of the power of the older consumer. The problem is that they are not responding to it in a concerted, sustained or comprehensive way.
– Millennials have driven disruptive innovation in customer engagement, sparking new models like Influencer Marketing. They are also increasingly shaping the buying decisions of their parents and grandparents.
60+ year-olds are going to be shopping for a few decades yet, so how about recalibrating the customer experience around THEIR needs. Remember, if you design (anything) for the young, you’ll exclude the old. But design for the old and you please everyone!
– Do not conflate ‘demographic change’ with ‘more young people’. The growth of an affluent over-60s market is one of the most under-appreciated trends shaping technology and R&D.