The Old Image Of Elderly Person On Being One, Who Is In Firm, Stays At Home, And Leads A Thoroughly Depressing Life Is Rapidly Changing As An Image Of The 21st Century.

842 words - 3 pages

Gray MarketThe old image of elderly person on being one, who is in firm, stays at home, and leads a thoroughly depressing life is rapidly changing as an image of the 21st century. As our population ages and people are living longer and healthier lives, the game is rapidly changing. The newer and more accurate image of an older person who is active, interested in what life has to offer, and is enthusiastic consumer with the means and willingness to pay.By the year 2010, one of every seven Americans will be 65 or older according to the U.S. Bureau of Labor Statistic estimation. By 2030, 20 percent of the U.S. population will be elderly.Older market control 50 percent of discretionary income and spend more than 60 million. The mature market is the second fastest growing market segment in the United States, lagging only behind the baby boomers. Such dramatic growth can largely be explained by healthier lifestyle, improve medical diagnoses and treatment, and the resulting increase in life expectancy. Most seniors no longer have the economic burden and are spending more.The economic health of older consumers is good and getting better. Some of the important areas that stand to benefit from the surging gray market include exercise facilities, cruises and tourism, cosmetic surgery and skin treatments, and "how-to" books and unversities courses that offer enhanced learning opportunities..Perceived Age: You are Only as Old as you FeelMarket researchers who work with older consumers often comment that people think of themselves as being 10 - 15 years younger that they actually are. In fact, research confirms the popular wisdom that age is more of a state of mind than body. Many marketers emphasize product benbefits rather than age-appropriateness in marketing campaigns, because many consumers will not relate to products targeted to their chronological age.Selling to Seniors:Most older people lead more active, multidimensinal lives than we assume. ^0% engage in volunteer activities, one in four seniors aged 65 to 72 still woks. It is crucial to remember that income alone does not express the spending of this group. Older consumer are finished with many of the financial obligations that siphon off the income of younger generation consumers. 85% of consumers past age 65 own their homes, and 80% of those homes owned outright, In additon, child-rearing costs are over.Many consumer products will encounter a more sympathetic reception from seniors if products and the packages they come in are redesign to be sensitive to physical limitations. Seniors have difficulty with pull-tan cans and push open milk cartons. Ziploc packages and clear plastic wrap also are difficult...

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