The Silver Economy is a dynamic but nevertheless very complex niche market.
Recent consumption trends combined with globalization of production have led many players to embark on a true commercial war, with a very unpredictable outlook for success. It is difficult to sustain a business in this aggressive environment unless you dive into the silver ocean!
The Silver Economy is booming! With an annual growth of 4%, it aims to equip 17 million consumers among those over 60 by 2020 (silvereco.fr), and this is just the beginning. Not to mention exports…
A niche? Yes, for now at least, because few players have gotten involved in this sector, which is trying to address the enormous challenges of our aging population. This population is also very heterogeneous, with diverse needs and means. A young active senior of 69 has nothing in common with a very elderly and dependent person of 92. Yet, their dissatisfaction with products and services intended for active individuals unites them.
Many business opportunities for French companies are on the horizon, provided they approach this market with a lot of discernment and humility.
It’s curious to note that the age group from 0 to 50 has well-studied segmentations, but past fifty, we only find the term “senior,” even though this age group surpasses even the first in number of years… and in diversity!
Sociological studies have been conducted to characterize groups of users and to outline their specifics. Depending on the age and level of autonomy of the elderly, their needs and the associated distribution channels can be radically different.
To effectively reach senior targets, one truth remains: an elderly person does not consume products for elderly people! In our society that champions youthfulness, we have developed a gap between our physiological age and our perceived age.
To carry out this balancing act, design will be the ideal tool to position the cursor between functionality and style, in order to destigmatize the offer and give it all its chances of success. A knowledgeable designer will thus know how to conceive products or services following a universal semantics, while engaging those who feel the need for them. It’s the art of discussing it without seeming to…
The senior market needs everything, including the full attention of business leaders, in order to approach the market from the right side and truly understand the end customer.
