Thrifty at sixty? Perspectives on senior inclusion and value in Chindia
This article is part a series on how brands are tackling Asia's aging population. Read more.
The business world has a responsibility to recognise and value senior citizen consumers, help them access products and services they require, and engage them as members of the consuming class. Nowhere is this imperative felt more keenly than in Asia, which will account for 63% of the world's total senior population by 2050. By that time, India will be home to 324 million citizens above 60, China 437 million. However, this remains a grossly underserved market because of the marketers' preoccupation with youth markets.
Both Chinese and Indian society place great cultural value on the role of seniors in family and community. Drawing on those determinants, this paper examines how the needs and expectations of the senior market can provide opportunities for firms to engage profitably with a largely ignored cohort.