Second Life of Sixty Plus Seniors – Exploratory Study of Generation M (Mature) in Mumbai
Generation M, where ‘M’ is for Mature, including people over 60, and is an important segment that cannot be stereotyped. According to an exploratory study by Jasravee Kaur, a partner at Master Sun Consulting, Gen M has radically different needs and aspirations that must be harnessed by marketers, advertisers, and entrepreneurs.
The study estimates that the segment has around 73 million people, which will triple in 50 years. He says that although it is already a very important niche, it will become more and more important as India ages.
Today, the generation size is around eight percent of India’s population, with 73 million over the age of 60. In terms of numbers, that is more than the population of countries like France and Italy, at 55 lakh. people in urban India over the age of 60, and of these, about 50 percent are economically independent. The segment is expected to triple in the next 50 years, so it is important to study and understand the needs of the emerging segment.
A segment that cannot be stereotyped, the M generation is not just a qualitatively different niche.
Contrary to stereotypes, much of Gen M is financially strong with limited or no responsibilities (read high net worth). This is supported by a trend of more and more older people registering on the job board, as reported by the India Ministry of Labor report and HSBC survey in October 2007.
Seniors today have higher savings and are increasingly open to investing in medium-risk instruments like mutual funds. HSBC’s Future of Senior Retirement Survey dispels the myth that this segment is a burden on society.
Interestingly, the contribution of elderly people to the income tax department is Rs 8,500 crore, of which Rs 1,600 crore is in volunteer work. He discovered that Generation M, instead of being passive and withdrawn, is becoming increasingly media savvy.
The consumption of television and press is high among the elderly, and the intensity of consumption of printed matter is higher than that of young people. Contrary to popular notion, older people are more alert to changes and stimuli from the external world.
The study points out that Gen M is spending a lot, and not just on rubs/balms/anti-aging products. Smart marketers like Himalaya Chyawanprash, Pfizer, and SBI are connecting with older people by connecting with a more real person (showing their playful, mischievous, and young-at-heart side).
Some of the sectors that are emerging as “emerging sectors” in the context of population aging are:
1. Products and services related to accommodation and shelter. These could be emergency services, security systems, housing/property, second homes, etc.
2. Consumer goods such as refrigerators, ovens, microwave ovens, geysers, washing machines, air conditioners, water purifiers, etc. Jasravee Kaur of Master Sun Consulting feels that “changing social norms and resulting lifestyle needs are creating a segment of older people who prefer their independence and choose to live apart from their children.”
3. Products and services related to personal care, general maintenance and care cosmetics, anti-aging cosmetics, color cosmetics and other anti-aging products, beauty salons, spas and saunas. Jasravee Kaur notes that ”Given a second chance at life, the elderly tread the earth with delicacy and care. They live for themselves and want to preserve their appearance and stay fit and healthy. Older couples want to feel good about themselves and celebrate their years of marriage together.”
4. Wellness products such as fortified wheat, protein-related intakes, nutrition-enhancing supplements, etc. Increasing nutrition is a way to be proactively in charge of your life and destiny.
5. Health-related products and services, such as gyms and fitness centers, centers offering alternative therapies and treatments, nutritional supplements, supplements to enhance immunity and vitamin tablets, apparatus and equipment related to health monitoring, etc. The demand for these products is driven by the need to take care of themselves holistically and not depend on anyone.
Also, Generation M wants to be mobile and active to the end. This will trigger proactive spending on positive health care (testing, monitoring) rather than curative (treatment, hospitalization). This creates opportunities for wealth management and innovative new products like reverse mortgages.
A look at Generation M insights from exploratory research
general
* A continuum of profiles ranging from a conventional, traditional and conservative personality to an open, quiet, exploratory and modern thinking personality.
* Seek religion as a gateway to peaceful thoughts and contemplation. Jasravee Kaur of Master Sun Consulting observes that “religion is a coping mechanism for dealing with excess available time and complex/changing role and status in the family.”
* See the youth with amazement, some admiration and envy. Feel the need to earn the respect of the younger generation.
Interests
* Seek active participation and inclusion in all aspects of life. He did not adopt a ‘retreat’ mentality of disconnection.
* Seek technology savvy and are eager to learn, but fear inability to operate…resulting in hesitation and aloofness.
* Enjoy traveling, watching TV, family outings and listening to music.
* Friends are a key interest and influence for a positive state of mind. Jasravee adds that “friends provide an important sounding board for discussing new categories, brands and influencing brand choice.”
attitudes towards technology
* Search for information and exploration of technology, newer products, their usefulness and relevance, availability and method of use.
* Greater enthusiasm for wanting to have a mobile than a computer. Jasravee Kaur notes, “The mobile phone is suboptimally used for voice and SMS, but the newer value-added features are attractive with the latest camera models, download features.”
* There is a desire and aspiration for computer fluency and guided use and accompanied instruction. Many have attended computer courses and have access to computers at home.
Critical feelings/emotions
* Getting out of the house is a great necessity, as it gives the person a sense of commitment and utilization of time.
* There is a pride in spending time at work, especially in the business itself.
* Inclined towards social work or related activities. Jasravee observes that “this satisfies the need for recognition and self-assurance, social power, fear of becoming obsolete, and a sense of ‘giving back’ as a social obligation.”