For years, baby boomers have been driving most of the wine-sales growth in the US. That means, 60 percent of the legal-drinking-age growth comes from older consumers that will soon be in the 70+ category, which could slow growth. Wine experts are concerned because the industry has been riding on the “wine is good for […]
retail
Shanghai’s department stores revamp their retail customer experience to attract old and young
An increasing number of State-owned department stores have been temporarily closing across Shanghai as part of a renovation strategy to modernise and boost the retail customer experience. According to this article in the Global Times, these moves by traditional department stores are in response to the rapid growth of online retailers in Shanghai. Obviously, this […]
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 […]
The best ageing strategy is no ageing strategy at all
After years of running a multi-generational advertising campaign that includes younger and older models, leading British retailer Marks & Spencer have now turned away from this strategy. Hooray! In a recent panel at Advertising Week Europe, Marks & Spencer’s brand and marketing director said “Bluntly categorising consumers based on age is “meaningless”. This Campaign Magazine […]
Luxury brands to gain from the ageing consumer
There are some refreshing surprises in this list of companies which a leading bank thinks will benefit from an ageing consumer base. Societe Generale has selected a list of 40 companies with metrics based on historical performance relative to GDP growth and current market cap. The 40 make up a ‘Silver Economy Index’ as reported […]
Background noise drives older customers away from restaurants
It’s always good to find quantitative evidence for what we’ve been proclaiming for years. In fact, according to research conducted by UK’s Action on Hearing Loss, 79 per cent of people have left an establishment because it was too noisy and and 90 percent say background noise is their biggest problem when eating out. I am […]
Retailers risk losing older customers in their scramble for Millennials
95% of older customers would be disloyal to their favourite retailer if a competitor understood them better. According to research by ICLP involving more than 10,000 consumers in the UK, 82% of people over 55 say their favourite retail brand doesn’t understand them or their needs. Just 29% of these older (Baby Boomer) consumers said […]
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 […]
Target talks ‘diversity & inclusion’ but are they excluding older people?
A Target store in the US will hold an event designed for families on the autism spectrum. According to this article, the store will dim the lights, turn off the music and reduce the staff – for two-hours. Now I know very little about autism but I do wonder if this a mere publicity stunt or […]
Sex toy store wins age-friendly award
With its oversized aisles, whisper-quiet music, and bathrooms for customers on the go, Bergen Street sex-toy shop Babeland has been certified as a great place for senior citizens to shop, and has a gold star to prove it. According to this article, the local store in Brooklyn, New York also racked up points based on […]
