Marketing to the Aging Consumer: The secrets to building an age friendly business
Dick Stroud and Kim Walker, Palgrave Macmillan (2013) (view on Amazon)
There are over 1.5bn over-50s in the world, and increased life expectancy is driving a major, irreversible demographic shift towards an aging population. To date, however, most companies and brands have failed to address systematically the needs of this rapidly growing consumer segment. Insofar as marketing has targeted the aging population, it has often tried to isolate psychological differences due to age, such as changing interests following retirement. Authors Dick Stroud and Kim Walker, both consultants, argue that in order to engage older consumers businesses should focus on identifying and addressing universal physiological needs, such as vision and hearing difficulties, impaired flexibility and reduced mobility. They offer step-by-step analyses of common physiological changes to the body, mind, and sensory powers. Walker and Stroud examine the marketing implications of these age-related issues and suggest strategies for making businesses age friendly without patronising older shoppers or alienating younger consumers.