Why marketers need to rethink their 'customer experience' for an aging world
This article is part a series on how brands are tackling Asia's aging population. Read more.
Most marketers are ageist - and it's going to cost them.
The world is experiencing a historically unprecedented explosion of people aged over 50. These older people have more money than Gen X, Gen Y (Millennials) and Gen Z, but it's these younger cohorts that are relentlessly pursued by the marketing world.
To put this into a clear business perspective, Boston Consulting Group reports that in Germany, Japan and the USA, the 55-plus age group will contribute over half the increase in spending from 2008-2030, while Capgemini Merrill Lynch claims that 54% of the APAC High Net Worth Individuals are above 56 years old.