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As the global population ages, we know how that can add impact and strain on the workforce, and resources when it comes to medical allocation. However, marketers also have to consider positioning their products and services over time to cater to the aging population. Afterall, over 55s in the US spend twice as much as millennials under 35 in the US. In that respect, you can call us old but gold.
We’re growing older, and we’re also the generation that is more or less comfortable with tech, having grown up in the era of tech proliferation. This puts us in a unique position of being easily reached via media, with considerably more spending power, with a set of unique needs pertaining to our age.
Opportunities to target the older generation
There are several pain points that immediately stick out like a sore thumb, or a backache in this instance.
Mental Health
One of the issues facing the older generation as their kids move out and establish families of their own, is loneliness. Social isolation contributes to cognitive decline and is often a predictor of poor physical health and even death.
Physical Health
Current medical technology, however advanced, still can’t help with declining physical health over time. Longer lifespan doesn’t always mean better quality of life, but load bearing exoskeletons and other promising advancements in robotics can definitely help with this in future.
Accessibility
Advancements in Telemedicine is one of the bright sparks in driving and providing medical support to people who are challenged by mobility.
Co-living
An update to the retirement village model might be what’s required to help battle the isolation issue among the elderly.
Home-sharing arrangements are also gaining popularity, and also helping to allay costs as they go into retirement by giving them a small income along the way.
Media and content
As stated in the report, there’s also a lack of media content directed at this demographic, while annually, more and more people are falling into this age bracket. There’s a good opportunity for content creators to create content directly aimed at the over 50s.
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