Instead of joining the long line of companies chasing Millennials, JAL plans to target older passengers, their grandparents, instead. According to a senior JAL executive quoted in this article from the SCMP, seniors used to fly business class and after retirement they want to go overseas but they say prices are too high and planes […]
Customer Experience
5 lessons healthcare can learn about ageing from general business
I was recently invited to deliver a keynote address about ageing and healthcare to a group of 400 medical specialists. A tough crowd and a big challenge. My first reaction was ‘What on God’s green earth can specialists learn about ageing from a businessman?‘. This became the title of my address. The thing is, nobody is prepared […]
Health and wellness of older consumers means big opportunities for FMCG companies
Older consumers say that health and wellness influences their product purchases. In fact, according to a report from GlobalData, 62% of consumers aged over 55 say that the way a product impacts their health and wellness often or always influences their product choice in food. Clearly, mortality is a powerful motivator to change behaviour. It’s a […]
Across Asia-Pacific the stereotypes of older consumers simply don’t apply anymore
Every day, week, month and year ‘new’ people are turning 50, 60 and 70 and in so doing, they change forever the outdated stereotypes often held by younger marketers. To remind the context, “the older consumer market is is the largest, fastest-growing (in some cases the only growing) segment of population in most developed markets of […]
Retailers focussed on millennials should consider the needs of the remaining 70 percent of population
The millennial generation may be driving retailers to keep up with their tech savvy speed and connectivity, but retailers must build an environment that works for all generations. No doubt millennials represent a sizeable amount of shoppers today, but concentrating all efforts on them can cause retailers to miss out on key customers who have […]
Your customer needs are becoming ageless, while your customer experience remains ageist
Today’s customers reward or punish companies based on a single experience — a single moment in time. This behaviour is commonly touted as a Millennial trademark, but it’s now in play for older generations as well. Welcome to the new normal. So say Forrester in their 2017 Predictions: Dynamics That Will Shape The Future In […]
Banks fail to meet the needs of their lucrative, older customers
Today, the 50 years and older segment represents 35% of the entire U.S. population, yet they control more than half of the nation’s investable assets. In Asia Pacific, 54% of high net worth individuals are over 56 years of age according to Cap Gemini/Merrill Lynch Despite the obvious opportunity to delight their older customers, the financial industry […]
McKinsey’s misguided approach to shopping malls
Older consumers will generate 51 percent of urban consumption growth in developed countries according to a McKinsey report last year on The Global Consumers to Watch. It logically follows that companies building or managing shopping malls should give careful consideration to this group of potential customers in their forward planning. Right? That’s why I am mystified […]
Older folks are a greater source of disruptive change than emergent technologies
This headline may come as a surprise to some. Not to me. Boomers have been changing the world since their teens and they certainly ain’t planning to stop this behaviour in their older age. According to the Economist piece titled CAN DEMOGRAPHICS DRIVE DISRUPTION?; “the growth of the over-60 market is one of the most […]
Japanese over 60 contribute nearly half of consumer spending
As ever, Japan’s super-aged status means that it provides a valuable test lab for what will happen to other developed societies in future. McKinsey claims that in developed countries, the elderly population (60 plus) will grow by more than one-third in the next 15 years, and they will total about 222 million people. They’ll account for […]
