Understanding what older consumers want

We are living longer lives. In 2018, for the first time in history, persons aged 65 or above outnumbered children under five years of age globally.

The number of persons aged 80 years or over is projected to triple, from 143 million in 2019, to an estimated 426 million in 2050.  

In tandem, we are looking at a growth in the number of people with multiple chronic illnesses, thus increasing the demand for continuous medical interventions, home healthcare services and devices.

As such, the market for eldercare and geron-technology will be a sunrise sector, as unsexy as it might sound.  

Joseph Coughlin, author of The Longevity Economy and founder and Director of the MIT Agelab, makes an important point when he says: “This is the fundamental challenge of operating in the longevity economy: You have to understand what older people actually want or, better yet, anticipate what they will want before they even know they will want it — not deliver what a 1990s stereotype of an older person wants.

“And then you have to offer it in a way that is so delightful that they’ll want to stand up and leave the house.” 

It is often a factor that is overlooked by companies or non-profit organisations serving older adults — seniors do not want to be identified as being frail and infirm.

Heinz Senior Foods offers a fitting case study on the importance of marketing appropriately to this demographic.

The company observed that older adults with difficulties chewing were buying pureed baby food for their own consumption.

However, when the company released pureed “senior foods", there was hardly any consumer uptake.

What the marketing team failed to recognise was this: Older people were comfortable with putting baby foods in their cart, as it can be seen that they were purchasing baby food for their grandchildren.

However, placing something labelled as “senior foods” in their grocery cart was likely not something that they would like to do, as it identified them as being old and frail.

Pair this with the finding that very often, older adults, especially those who are healthy and active, perceive themselves to be 75 to 80 per cent of their actual chronological age.  

Don Norman, an 84-year-old former Apple vice-president and now author best known for his books on design, also makes a salient point: When companies design things for the elderly, they tend to be devices that may not be the most aesthetically pleasing, and shout out to the world that “I am old and can’t function normally!”

I agree with him, we can do much better with the products and services designed for older adults.

In essence, it can be argued that we are designing these products and services for ourselves. After all, we either die or grow old.  

Historically, archaic products and solutions targeting the elderly market misunderstand them.

Having studied the gerontological landscape, and speaking to seniors in the community, my sense is they have a desire for dignity, autonomy and independence.

This is especially so in healthcare settings, where autonomy can be easily undermined.

Concurrently, it is important for seniors to understand their choices and be empowered to maintain and prolong their independence from a physical and financial perspective, and staying relevant with the digital trends.

The Government is moving in the right direction, with initiatives such as the Seniors Go Digital programme as well as subsidised mobile phone plans to help the elderly and disadvantaged adopt digital technology.

In addition, government agencies such as Sport Singapore, the Health Promotion Board and People’s Association are encouraging more elderly participation in physical activities, and we are also seeing an increase in the number of seniors who are taking their own initiative to live meaningful lives post retirement.  

With people living longer lives, how we relate to our families, friends and the wider communities will change.

We are seeing new consumers who are arriving at their later years with unprecedented diversity in terms of tastes, demands, aspirations, and expectations — all of which go well beyond what older consumers put up with just a generation ago.

From travelling to far-flung destinations for holidays, or discovering and engaging more actively in hobbies they love, seniors want to be able to thrive instead of survive. 

Elderly needs will no longer just revolve around medications, mobility aids and physiotherapy, expanding into lifestyle and wellness areas.

With increased awareness and demand for physical and mental wellness, people can decide if they want to grow brittle and frail, or take steps to improve their mobility and strength to support a higher quality of life in their later years.

There is an unprecedented shift — seniors want to take joy in living longer. 

I recently received a copy of Hack Care, an Ikea-styled visual catalogue by the Lien Foundation, which was peppered with  useful tips on how make the home a friendlier place for those living with dementia.

Where I think they did a beautiful job is focusing on the enjoyment and comfort of the older adult in their own living spaces, while ensuring that precautions are met.

Flipping through the catalogue reminded me of what one of my favourite lecturers in my gerontology Master's degree course said: Sometimes, just taking hand lotion to give a bed-ridden elderly a hand massage, is what would make a world of a difference to that person.

Often times, it’s the small details that matter.  

Businesses will need to adjust to the new reality of longer life expectancies, from the perspective of offering products and services, and even down to the language used about the elderly consumer.

When marketing to this demographic, age should hardly be the only factor considered as people only get less homogenous in their later years.

There is joy to be found in growing older, and businesses can definitely work towards addressing that market need for a growing consumer group.  

After all, as Colombian novelist Gabriel García Márquez says: “It is not true that people stop pursuing dreams because they grow old, they grow old because they stop pursuing dreams.”

ABOUT THE AUTHOR:

Junus Eu is currently pursuing her Masters in Gerontology at the Singapore University of Social Sciences and is a recipient of the Alice Lim Memorial scholarship. Her current research explores the importance of financial gerontology and weight training in preparing for longer life spans.