What retailers need to know about older shoppers
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Transcript of What retailers need to know about older shoppers
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From a presentation to the Singapore Retail Industry Conference September 11, 2013
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50+ population 2018
36% 37%
41%
18% 18%
46%
37%
20% 21%
37% 37%
31%
39%
35%
Source: Global Demographics © Silver Group
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largest
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0~14
15~34
34~49
50+
Singapore 2018
Data: Global Demographics
37%
13%
27%
22%
37% Singapore population 50+, 2018
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* Aus, China, HK, India, Indon, Japan, Korea, Msia, Phils, Spore, Taiwan, Thai, Viet
Data: Global Demographics
-6% 2% 1%
0 ~ 14 15 ~ 34 35 ~ 49 50 +
fastest growing
APAC population 2008 ~ 18
+33%
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wealthiest
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1,021.2
1,963.9
2005 2015
65+
Japan, Korea, Taiwan, Singapore, Australia, China, India, Thailand, Malaysia, Philippines
Source: MasterCard Asia/Pacific
US$ billions
US$2trillion p.a Annual spending power. APAC 65+
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USA: 80% - luxury travel 74% - prescription drugs 51% - OTC drugs 60% - healthcare spending 41% - new cars 25% - toys $7 billion online sales annually
EUROPE: 45% - new cars & 80% top range 50% - face care/cosmetics 55% - coffee 50% - mineral waters 50% - food oils (60% olive oils) 40% - yogurts & dairy products 35% - travel, 80% cruises
© Silver Group
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in-store spenders
© Silver Group
57%
66%
69%
72%
19 - 36
37 - 47
49 - 67
68+
% of in-store shoppers who purchase
Source: The NPD Group
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loyalists
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54% 59% 61%
25% 27% 30%
18 ~ 34 35~54 55+
Salespersons help
Able to touch/try/feel
Source: Digital and the New Consumer - Havas
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Q: We see little difference between the needs of older
customers and those of other customers
© Silver Group Silver/SRA Survey. August 2013
Disagree/Neutral
85%
Agree 15%
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largest
fastest growing
wealthiest
most loyal
least contested
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© Silver Group
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their attitudes are shaped by the same influences as other age
groups
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AGE
GENDER
WEALTH
LIFESTYLE
SEXUALITY
EDUCATION
ETHNICITY
INCOME
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© Silver Group
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THINK FEEL LOOK
younger for longer
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most want to …….
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ageing body ageing mind
ageing senses
complex. relentless. universal
the big differentiator
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25 effects of ageing
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Communications
Support
Product
Online Retail
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• no negative affect on younger consumers
• minimal cost
© Silver Group
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© Silver Group
Over 200 questions across the
customer journey
The Audit Tool
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Product Communications
4.7
63 years old
© Silver Group
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Communications
Support
Product
Online Retail
2.2 © Silver Group
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Retail
3.9 © Silver Group
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Product
4.3 © Silver Group
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Product
Support
4.6
© Silver Group
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Design for the young: Exclude the old or
Design for the old: Include everyone
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takeaways
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our services Workshops
" Insightful, interactive, fun and actionable workshops that help teams understand the opportunities and challenges of older customers
" Sessions ranging from ½ day introductions to 2-day immersion and ideation programmes
Age-Friendly audits " Using unique tools to evaluate your entire customer journey through the prism of
ageing
" Enable business to identify and remove the barriers between them and older
consumers
Research and strategy " Applying research, insights and ideas to devise unique strategies that create a
sustainable competitive edge with the ageing consumer
Speaking " Kim Walker is one of the few global authorities on this subject. A TED speaker and co-
author of a definitive book on the subject*, his lively delivery entertains and informs. His internationally awarded keynotes cover topics such as:
• How you can benefit from your ageing customer base
• Marketing to the ageing consumer © Silver Group
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some of our clients
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Email: [email protected]
Silver Web: www.silvergroup.asia
Blog: http://silvergroup.asia/blog/
Twitter: https://twitter.com/#!/SilverGroup
Age-Friendly web: www.age-friendly.com
Contact us to learn more:
© Silver Group