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India 2015: OUR INSIGHTS | CONSUMERS

Seniors in young market offer silver opportunity


Binata Banerjee

Account Manager, Millward Brown

Binate.Banerjee@millwardbrown.com

 


In many western countries the population is aging fast and represents a substantial older consumer base for brands. Although India is still fairly young, senior citizens are a group of considerable size for brand marketers to consider.

Now in their 60s and 70s, these people have passed their needy and speedy years. The Indian grandmother and grandfather have both time and money. But are brands leveraging this silver opportunity? Not really, and consider the possibilities.

Today’s youthful seniors are mentally prepared to reside in senior communities where they can lead independent lives. Why not lavish these facilities with world-class features from the real estate brands? Seniors want to keep working. Why not have a job search website where they can seek suitable work?

The silver luxury domain is still unexplored. Many people of this age desire – and can afford – luxury.
The trick is to create functionally beneficial luxury for them. Also tourism brand communications can look beyond their regular targets. Seniors seek properly packaged tours that attend to their particular needs. And the opportunities for world-class geriatric products and services are obvious. What are brands waiting for?