Globally senior population is anticipated to grow rapidly, and by 2050, the number of people aged 60 or over is expected to reach approximately two billion, around 22% of the global population. With advances in medicine and technology, global life expectancy is projected to increase and today's young population is expected to reach the age of 80 globally, except in Africa. Therefore the influence of the segment is likely to continue to grow in future as Millennials and the generations following them gain prominence in the silver segment.
The report “Speaking to the New Silver” is a research will focus on the evolving behaviors and preferences of today's senior segment, drawing comparisons to common stereotypes and the implications of these preferences when targeting this consumer group.
It has identified five key trends impacting consumers in the silver segment:
- Individualism and self-branding: Many consumers in this age group are seeking to convey their own specific personal brand, style, and personality through the products they buy. This breaks away from the traditional perceptions that seniors have universal preferences while also being predisposed to "safe," unadventurous options, with being unique and showcasing one's own brand being important to a significant proportion of the 55-plus age group.
- Age beautiful: The key theme associated with older consumers and their appearance is that of "anti-aging." While of course a significant proportion of seniors are seeking to turn back the clock, the majority are accepting the age they are and their subsequent appearance. The resultant behavior is a focus on looking good for your age, appreciating that everyone ages differently, and embracing that.
- Age healthy: Advances in medicine and technology mean that seniors are living longer than ever before. Many consumers within this age group are energetic and continue to lead active lifestyles in this stage in their life. The desire to be able to do this through remaining independent and mobile is driving a more proactive approach to health, while people are also taking preventative measures to mitigate these risks.
- Digital conversion: The concept of digitizing lifestyles has become synonymous with Millennials and younger consumers as they have grown up with today's technology. However, while seniors may not be using technology to the same extent, as quickly, or in the same way as their younger counterparts, they should not be excluded when defining the digital consumer.
- Experimental, experiential, and premium: Seniors enjoy experimenting, and are driven by new experiences. This creates opportunities to build unique experiences into product offerings and enhance brand engagement through portfolio expansion.
- Explore routes to customization and personalization, such as co-creation or adapting an existing product to individual preferences.
- Utilize intergenerational positioning to steer away from age-specificity and more towards lifestyle- and preference-targeted offerings.
- "Anti-aging" claims are no longer a hook for the many consumers who embrace their age, and can be perceived as ineffective. Explore positive messaging that aligns with this beauty approach (e.g. "perfecting").
- Promoting appearance-related health to ensure consumers look good whatever their age is essential. Focus on enhancing factors such as "radiance" and "hydration" to achieve this.
- Utilizing naturally beneficial and nutrient-dense ingredients will be important when appealing to seniors.
- Positive claims resonate best with seniors; however, including avoidance claims can assist in better management of health needs.
- Functional food and drink targeting muscle health, alertness, and concentration are key areas of interest for seniors.
1. Executive summary
2. Seniors and the global landscape
3. Five trends shaping attitudes and behaviors in the senior segment
i.Trend 1: Individualism and self-branding
ii.Trend 2: Age beautiful
iii.Trend 3: Age healthy
iv.Trend 4: Digital conversion
v. Trend 5: Experimental, experiential, and premium
vi. Innovation spotlight
3. Looking ahead to the seniors of tomorrow