Editor’s note: Jem Golden is senior consultant, Euromonitor International, London. This is an edited version of a post that originally appeared under the title, “Age agnostic – age is just a number.”
The boundaries of old age are shifting as people live longer and take better care of their health, appearance and wellbeing. Age agnostics no longer have a passive attitude toward aging, and this is especially true in wealthier developed countries with decent health care systems and social conditions.
Age agnostics don’t conform to demographic expectations. The oldest Baby Boomers – often referred to as the “forever young” generation – are now going into their 70s and are redefining aging. These are a new kind of mature consumers – a diverse group who enjoy the same things as their younger counterparts and want to continue to be themselves for as long as possible.
As longevity rates soar, societies age rapidly
The driving force behind age agnostic is the fact that people are living for much longer, want to remain active, contribute to society and maintain an ageless attitude toward life. Almost every country in the world is showing growth in the number and the proportion of older persons relative to the general population. For example, in Japan, by the year 2025, half of the population will be over 50 years old, and even in 2018, over two million Japanese citizens were over 90 years old.
Senior spending power
Overall, later lifers are in better financial shape than the rest of the population, boasting the highest spending power among all age groups. This high average income level of these two age groups will grow 26 percent and 22 percent, respectively, through to 2025, making this demographic a highly profitable target group for marketing discretionary purchases. For example, from holiday homes and luxury watches to nutritional supplements and beauty care treatments and a vast spectrum of premium products and services.
The key to winning and retaining the loyalty and trust of this aging demographic is to develop products and services that are universally accessible even while designed with older people in mind. Baby Boomers have much more in common with the values and priorities of Millennials and younger generations than many realize, and it is this inclusive mind-set that needs to be better understood and catered for in the future.