Over-50 market to have high purchasing power: study
Marketers must rethink the purchasing power of the "silver generation" because they are still young at heart, and want to keep their health and image in good condition, adopt new things and connect to online media, according to Intage (Thailand).
"The change in behaviour of that group mainly results from urbanisation and the increase in mobile Internet," Dangjaithawin Anantachai, chief operating officer and managing director, said yesterday.
They are concerned about their looks and image, which must be always the best. They also enjoyed staying connected with their families and relatives via online networks, she said.
The company surveyed 2,700 people in nine countries – the United States, Britain, Sweden, Japan, Vietnam, India, Indonesia, Singapore and Thailand – to examine the lifestyles, behaviour and media consumption of consumers aged over 50 years.
The company found that the Thai silver generation spent an average of four hours and 27 minutes a day online, ranking fourth after the US, Singapore and Indonesia.
Line and Facebook were the most population social networks among this group for updates and trends.
Marketers should apply a digital communication strategy to engage with them for marketing activities such as corporate social responsibility projects.
Although this group preferred to save money, they were willing to spend for new things or new experiences.
"In previous times, we believed the group was quite loyal to a brand or product they were familiar with. But the report found that the [participants] were quite open and willing to try new things," Dangjaithawin said.
Intage wanted to study this group because in the next decade, it will become part of the ageing population. They will also have very high purchasing power. According to the United Nations Population Fund, the ageing cohort will make up 30 per cent of the Thai population within two decades.
