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RESEARCH, ANALYSIS & TRENDS

The key, however, is to meet Granny where she’s at.
Currently, the 50+ demographic is batting at 111 million This not only translates into the kind of products and
strong in the USA, while 25% of the EU population is offerings we need to consider; it refers to the way we
comprised of older citizens. So vast is the US silver understand their lifestyles, and how we can offer a
spending power that their total $3.2 trillion a year out- more relevant retail experience to a conventional de-
weighs the GDP of nations such as Italy, Russia, the mographic. For example, as older adults ‘age up’ and
United Kingdom, Brazil and France. The population is a join the digital revolution, Evelo, an electric bicycle start
formidable economic force to be reckoned with. But -up company, is also ‘reaching down’ to meet their tar-
here’s the clincher ‒ this global group is only growing. geted senior market, by providing ‘Ambassadors’ who
Retirement plans are extending, as people are expected visit your home and help with a test drive.
to live longer than projected. In fact, by 2025, the 50+
will outnumber their American youth 3:1 (a 2:1 ratio in Aside from this, companies also need to consider the
Europe by 2060), and there will be more very elderly distraction of flashy ads, cookies and pop ups for a 50+
people in the EU than children under five. clientele, and simply ‘get to the point’, with a convenient
click to a real live person who can walk you through the
This is an almighty pill for our pension plans to swallow; process. Online chats where consumers can connect
but for businesses willing to rethink their brand and de- over honest, real time conversation is more effective
livery, it’s a recipe for market opportunity. The need to than all the trendy hashtags that operate as Millennial
address our needs doesn’t stop when we hit our 50s or magnets. We need to blend the physical and digital into
60s. In fact, to some extent, that’s when we need it the one seamlessly integrated showroom, stocked with in-
most. Older and frailer populations bring a new set of ventory, rewards and promotion, like the sense of one-
physical, emotional and health needs to the table, which to-one engagement and customer care that an omni-
(with the right offerings to match their technological channel experience offers. It’s as close to ‘walking the
competencies) can open big business doors. department floors’ as can be from a thousand miles
away.
Boomers find themselves tight pressed in the sandwich
generation ‒ meeting the needs of their elderly parents Let’s face it. The silver economy is a goldmine. It is a
while delaying shoving their Gen X/Millennial kids out of market that has existed ‘ever since’, buried under the
the door. In other words, they have everything from ar- sand, and is now waiting to be dug up and tapped.
thritis medication to IOS upgrades on their plate to tend There are many needs to be addressed, and difficulties
to. Business would do well to consider the ‘everything in that we can ease. The opportunities for technological
between’ and offer ease in providing it. After all, technol- solutions are endless! The key though, to extracting the
ogy or innovation (when done for the right reasons) is silver economy’s precious value, is in adapting our digi-
for everyone‒no ifs, no buts, or age limitations. tal landscapes accordingly to bridge the generational
divide. Some of that comes with education; some of it
More savvy than you think with innovation. (And yes, that means it would do us
well here to bring our high tech a little lower.) But the
Contrary to public perception, many of our silver citizens more we can approach this journey by integrating the
are not tech adverse. Considered the first ‘digital immi- past, the better future we’ll forge.
grants’, a swelling proportion of the 50+ demographic is
cosying up to Siri and learning to order those groceries By the time Millennials reach their 50s, 60s, or even
online. In fact, a Pew Research Centre report found that their 70s, smartphones, Virtual Reality goggles and
59% of seniors (ages 65 and older) use the Internet reg- drones may no longer be their thing, but they will still
ularly, and 47% say they have a high-speed broadband use technology for the same effect it has on their lives
connection at home. now: easier, efficient, and more comfortable. Now, that
sounds like something Granny might find on Google
And when it comes to shopping on mobile, one in four and click on. ◊
people aged 55 and older prefer to shop from the
couch, according to a report by BI Intelligence. Cyber-
space provides socialising, shopping and learning op- By Rowland Burke,
portunities for people who are increasingly isolated and
physically frail (so much so that 90% of affluent house- Technical Director, Aurecon
holds can be found surfing on a daily basis). The stats
seem to suggest that Granny might just surprise you .
these days.
Adapting the experience

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