Talk to any marketer (or political leader) in India today and he will talk of India’s youthful population and what a massive opportunity this demographic segment represents. So everyone keeps looking at the 18-34 age group and how to cater to this huge segment. Most advertising campaigns also concentrate on the young. No harm in that.
But what about the 50+? In India, compared with the more developed Western economies, the ‘oldies’ may be a smaller proportion but in sheer numbers they are still very, very large. More importantly:
- Contrary to conventional wisdom, the 50+ is very active on the internet, especially in online shopping, information gathering and entertainment.
- The 50+ controls a large share of India’s wealth. This is the group that can afford to buy expensive stuff – luxury homes, travel and tourism, cars, computers, electronics, watches and so on.
- The 50+ is now getting healthier and is looking at ways to keep itself younger and healthier. It is likely to opt for stuff that will make it look good and be healthier.
- The 50+ is likely to be more brand loyal. This group may not be as capricious as many in the younger set are likely to be.
The more affluent countries where the younger set forms a smaller proportion of the population have already realised the potential of the older group. So, as smart marketers, don’t just keep looking at the younger lot. Think of products and services that would be of immense use to the ‘oldies’. May be, the golden oldies could be your trump card!
Visual courtesy : https://www.flickr.com/photos/london/