One million people turn 60 every month. The UN estimates that the number of persons aged 60+ will double to 1.2 billion by 2025. Among the key sectors that will likely benefit from this growing demographic are health care, leisure and financial services.
Large and growing demographic
Businesses that are age-friendly stand to benefit from this large and growing demographic, which not only has the spending power but also the time to spend. Satisfied customers lead to repeat business, and older consumers tend to be more loyal customers. A business that accommodates older customers is now a necessity. This may include communicating in simple, familiar words in short, straight-forward sentences, providing delivery services, and designing products for smaller households, incomes and appetites.
Intel, General Electric, Danone and Philips are some of the companies that have dedicated research units to better understand older consumers, from nutritional requirements to retirement programmes. Tech giant Apple may be getting it right; a survey conducted in its Singapore and London stores to measure the customer experience when buying an iPad2 found that Apple scored 4.4 out of 5 in an age-friendly assessment conducted by Silver, a 50+ market business consultancy. Customers found Apple’s communications to be simple and clear, confusing jargon was minimal and phone support was fast, easy and simple to understand.