Like no other time in human history do we have three key age demographic segments that will play a pivotal role across a wide range of industries in the future. Each of these demographic segments will need to be targeted differently. Each will provide enormous growth opportunities, for businesses that understand their needs.
The three key global consumer sectors are:
- The 50+ boomer to retirement market which we define as the ‘second life’ generation;
- The ‘rewriting the book of life’ – millennial’s; and
- The ‘born connected’ generation – generation i.
Second Life generation
This growing market segment comprises of people who have passed the 50 years of age mark and are setting their sights on the years ahead and retirement. With medical advancements, better living conditions and devices that monitor the body and warn of impending illness, this generation will live to a longer age than all of the generations before them. We define this demographic group as the ‘second life’ generation, who having reared their families, are now empty nesters with both money and time on their hands to do and see more.
It has been reported by UN that “the global share of older people (aged 60+) will increase from 11.7% in 2013 to 21.1% of the total population by 2050”. In terms of numbers this will mean that globally we will go from 841 million to more than 2 billion in 2050. In fact this will mean that for the first time older people are forecast to exceed the number of children for the first time in 2047.
For this demographic group it’s all about service, life’s little luxuries, exploring and accessibility. For the younger end of this demographic group, they like a little bit of luxury and are prepared to pay for it. This is their time, they want to explore and enjoying the time they have available.
As we get into the older end of this demographic group, it’s all about service, luxury, pampering and accessibility. They have high expectations and are very demanding. Given mobility issues in this sub segment, service providers need to take into consideration accessibility and providing facilities that cater for their needs.
The second life generation is about enjoying life, they have worked hard to get to this stage and now want to enjoy the spoils.
 United Nations, World Population Ageing 2013: http://www.un.org/en/development/desa/population/publications/pdf/ageing/WorldPopulationAgeing2013.pdf