BT Buzz: Are brands overlooking the silver generation?

BT Buzz: Are brands overlooking the silver generation?

Demographic projections show that India's population growth will continue to slow rapidly over the next two decades, growing less than 1 per cent during 2021-31 and under 0.5 per cent during 2031-41

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Are brands and marketers prepared to cater to the silver generation of India?Are brands and marketers prepared to cater to the silver generation of India?
Ajita Shashidhar
  • Jul 24, 2019,
  • Updated Jul 25, 2019 4:36 PM IST

It's about time consumer goods companies, car-manufacturers, holiday companies and many others look at targeting the silver age, that is, consumers above 45 years of age. Over 65 per cent of the Indian population today is below the age of 35 and companies across sectors are leaving no stone unturned to woo millennials, but the recent Economic Survey has cautioned about an increasing ageing population.

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Demographic projections, as per the Economic Survey, show that India's population growth will continue to slow rapidly over the next two decades, growing less than 1 per cent during 2021-31 and under 0.5 per cent during 2031-41. This would mean a higher percentage of ageing population.

Are brands and marketers prepared to cater to the silver generation? They do smell the opportunity, but very few have acted on it, admit marketers. "There is so much focus on the younger generation that the silver has got missed out. Marketers can earn gold with the silver generation," says Devendra Chawla, MD, Spencer Retail. He points out that 75 per cent of the wealth in the UK and the US is owned by people above the age of 65.

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"Lot of brands are targeting millennials, but there is an advantage of the matured population. The disposable income is much higher for a 45-plus and it's high time marketers take notice of it," adds Senior Marketing Professional Peshwa Acharya.

The number of senior citizens is growing twice the overall population and the addressable market is over 12 million even today.

BT Buzz: Split wide open on shift to electric mobility

It's about time consumer goods companies, car-manufacturers, holiday companies and many others look at targeting the silver age, that is, consumers above 45 years of age. Over 65 per cent of the Indian population today is below the age of 35 and companies across sectors are leaving no stone unturned to woo millennials, but the recent Economic Survey has cautioned about an increasing ageing population.

Advertisement

Demographic projections, as per the Economic Survey, show that India's population growth will continue to slow rapidly over the next two decades, growing less than 1 per cent during 2021-31 and under 0.5 per cent during 2031-41. This would mean a higher percentage of ageing population.

Are brands and marketers prepared to cater to the silver generation? They do smell the opportunity, but very few have acted on it, admit marketers. "There is so much focus on the younger generation that the silver has got missed out. Marketers can earn gold with the silver generation," says Devendra Chawla, MD, Spencer Retail. He points out that 75 per cent of the wealth in the UK and the US is owned by people above the age of 65.

Advertisement

"Lot of brands are targeting millennials, but there is an advantage of the matured population. The disposable income is much higher for a 45-plus and it's high time marketers take notice of it," adds Senior Marketing Professional Peshwa Acharya.

The number of senior citizens is growing twice the overall population and the addressable market is over 12 million even today.

BT Buzz: Split wide open on shift to electric mobility

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