Myth vs. fact: Connecting with Asia's senior class

Dangjaithawin Anantachai

Introduction

While the aging phenomenon poses challenges to social and economic development, products and services that serve the needs of the senior consumers appear to be underdeveloped, especially in Asia where the speed at which the population is aging continues to be relatively high. This paper illustrates a better understanding of the myth vs. facts about seniors and highlights the powerful strategies which resonant with this growing and high-spending group.

Background and Business Challenges

Figure 1. The Ageing Population Projected by the UN

The world is ageing rapidly, and the number of people aged 60 years and older outnumbers the birth rate worldwide. People are living longer due to the better quality of life, healthcare, and education as a whole. While the ageing phenomenon has posed challenges to social and economic development, marketers should see it as the real opportunity. However, the products & service serving the needs of this senior target appear to be underdeveloped, in Asia in particular where the growth of the ageing is relatively high compared to other parts of the world.