The total set of product and service categories that will be significantly
impacted by the aging of the population is vast and diverse. As a means of
demonstrating the challenges facing just a few example categories, two specific
product / service segments are discussed in greater detail in the following
sections.
Wireless Telephones
The Baby Boomer generation played a significant role in the exponential growth
of wireless telephone services over the past 20 years. Consumers between the
ages of 35 and 55 not only represented the largest proportion of the population,
but also demonstrated a previously unseen appetite for new communication and
entertainment technologies.
As this segment of the population enters into the senior age segments, however,
their key requirements are likely to shift dramatically, including increased
demand for services and handsets that represent a better fit with their physical
capabilities and evolving lifestyles. The changing profile of the wireless user,
therefore, holds significant implications for wireless carriers and handset
manufacturers.
In the year 2000, wireless penetration among consumers over the age of 65 was
just 19 percent (6.7 million users). However, among those aged 55 – 64,
penetration was 43 percent (10 million users).
Assuming that most of the Baby Boomer users will maintain their wireless phones,
the number of wireless users over the age of 65 will increase by more than 300
percent, to 22 million users, by the year 2010.
The total proportion of wireless users, who are over the age of 65, just 8
percent in 2000, could increase to nearly 20 percent by 2010.
Food and Beverage Services
Overall, the Baby Boomer generation is very likely the healthiest 50+ generation
in history, with previously unseen levels of awareness and concern regarding the
pursuit of a vibrant lifestyle, for maintaining a healthy diet and for
continuously exploring new and better options for slowing the aging process.
Still, the changes that take place in the human body as a person reaches the age
of 65 and beyond are largely unavoidable and have clear implications for
companies serving the food and beverage needs of this segment.
As more and more consumers in the U.S. reach the age of 65 and beyond, the
demand for tasty, yet nutritious, foods and beverages will increase dramatically.
The need for specialized foods and nutrients will rise, especially for those
with acute medical conditions and / or limited mobility.
With regard to individual wants and preferences, taste becomes an amplified
issue for older adults, as specific flavors need to be up to 10 times higher for
these consumers than for the younger population. Appetites decline over time,
perhaps due in part to diminished taste capabilities, but also as a result of
health issues and physical capabilities (chewing, swallowing, etc.).
Given these issues, food and beverage providers must:
Recognize the financial resources of this segment and value of established
loyalty with older consumers over the next several decades;
Develop specialized products that target the specific needs and wants of
individual senior consumer segments, particularly in terms of taste, nutritional
value, freshness, and so on; and
Consider senior’s limited capabilities and specialized needs in terms of
shopping, traveling, standing in line, sitting, driving, etc., as means of
accessing the products offered.
This article is an abstract of the white paper « Research Overview: The Aging
U.S. Marketplace », issued by The Praxi Group, Inc.
Full version of the white paper is available at the following address:
http://www. globalagingtimes.com/SeniorStrategic/white_paper/TPG_Senior_Trends_WP.pdf
Contact Details:
Michael Hesser – President (mikehesser@praxigroup.net)
Wendy Jenkins – Vice President (wendyjenkins@praxigroup.net)
26030 Highway 74, Suite A
P.O. Box 1094
Kittredge, CO 80457
Ph: 303-679-6300
Fax: 303-679-6680
www.praxigroup.net