China has become the country with the largest elderly population in the world, and also one of the countries with the fastest aging speed. The rapid population growth and the gradual increase in material demand of silver generation have presented unlimited potential and good market prospects, therefore the exploration and research of the silver generation is imminent for brands and marketers.
Most brand marketers still have a stereotype of the elderly, believing that they have boring lives and interests. On the contrary, their conditions are far from our imagination. They are full of energy and there are big differences between age groups.
After the release of the interesting insight The Aged vs The Youth: Who is Better at Surfing the Internet, the GrowthX team once again targeted middle-aged and elderly people aged 50+, 60+, and 70+ years old, to analyze how silver generation are living a wonderful second act of life. The research provided us with clear portrait about this emerging segment from three aspects of demographic profiles, behavioral preference, and demand understanding.
Redefining the profiles of the silver generation:
different living conditions
People between 50 and 59: rich and free,
lots of social activities, pick up hobbies, follow trends
GrowthX found that people between the ages of 50 and 59 are usually just retired or about to retire. Young people often associate retirement with lying down and doing nothing. But for the elderly, the coming retirement does not mean a rest, but a starting point for a new journey. They attend class reunions more frequently, have tighter schedules, and are more engaged in hobbies. They also enjoy exploring new life experiences with their old friends.
People between 60 and 69: regular and comfortable,
family-oriented, cherish the present, never waste time.
While people between 50 and 59 tend to explore new things, people between 60 and 70 enter a stable stage of life. At this age, people are no longer energetic and begin to tire of various hobbies. They usually need to look after their grandchildren. The focus of their lives returns to the family: going to the supermarket with partners, dancing with neighbors, picking up grandchildren from school, and so on. Their daily life becomes regular and comfortable.
At this stage, the so-called "aging" characteristics begin to appear. Their physical condition is not as good as before, the social circle and life radius are gradually shrinking. They are no longer the decision-makers of the family. While living a comfortable life, they occasionally feel lost and anxious. These seem to be the prevailing sentiments among the 60+.
People over 70: simple and leisurely,
health comes first, go with the flow, be grateful
With the deterioration of physical condition, the life radius of people over the age of 70 is further shrinking. Their main recreations become walking in the neighborhood, chatting with neighbors, and playing chess in the park. The theme of daily life is also closely related to health. For example, routine physical examinations for chronic diseases, attending health lectures, and taking healthcare products and medicines. They have to accept the fact that their bodies are aging. The death of friends around them can also make them anxious. When it comes to their vision of the future, they are both frightened and relieved. But in the course of talking to them, they often mentioned that they were content with their current life.
Reformulating the behaviors of the silver generation
"Digital illiterate groups" or "Internet addicts"?
Knowledge of the Internet varies greatly among the aged population
The three-year pandemic has accelerated the digitization of daily life. Today, scanning-code payment has been popularized in remote towns and street vendors. The Internet has been integrated into the lives of more and more elderly people. Short video platforms such as Douyin and Kuaishou are rapidly penetrating into the silver generation.
According to Ghawar, the big data platform of Illuminera, time spent in internet by people over 50 years old (3.1 hours per day) is almost equivalent to that by young people under 45 years old (3.4 hours per day). Recently, an influencer named “Yi Xiao Qing Cheng” , dubbed "the goddess of the middle-aged and the elderly", went viral on the Internet. Her target group is exactly the middle-aged and elderly and has over 19 million followers, more than 40 percent of whom are over 50. There are also many "Internet addicts" in people aged 50 to 60. They stay up late watching TV shows, shop online, and love making short videos. They follow the trend and can quickly learn to use almost every popular APP.
However, unlike young people who have been exposed to the Internet since childhood, older people's familiarity with the Internet varies greatly according to their personal wills and abilities. Those internet-addicted and digital illiterate groups are still a minority. The majority of middle-aged and elderly people are still in the process of learning. Various kinds of APPs have also launched versions suitable for the elderly, for example, the font size in the APP is larger. There are also APPs launched for the elderly group, such as Tangdou and Meipian. It can be said that the mutual adaptation of the silver generation and the Internet is the eternal subject of this digital era.
The needs of the silver generation
Reinterpreting three major needs of "identity
love and sense of belonging, stability and health"
Different profiles and online behaviors among different age groups make the challenges and demands faced by the silver generation different. However, these troubles are essentially related to the three major needs of "identity, love and sense of belonging, stability and health".
01
Anxiety of people over 50.
Urgent need for a new identity. Gain self-actualization and respect.
Different profiles and online behaviors among different age groups make the challenges and demands faced by the silver generation different. However, these troubles are essentially related to the three major needs of "identity, love and sense of belonging, stability and health".
02
Dissatisfactions of people over 60.
From "decision maker" to "subsidiary". Regain love and a sense of belonging.
In addition to the aging of appearance and body, the gradual loss of family leadership is a major pitfall for seniors over the age of 60. Their opinions no longer play a decisive role, and their social status has shifted from being a mainstay to being marginalized. They are extremely sensitive to the loss of power and feel that they are no longer in the limelight, which leads to dissatisfaction. With a new identity, they need to re-establish relationships with their partners, children, and society. How to be cared for and gain a sense of belonging in the role of a "dependent" is the key to resolving negative emotions.
03
Inconveniences of people over 70.
Inconveniences caused by health issues. Stability and health become the core demands
Health issues are not new among the silver generation, especially among those over the age of 70. Various kinds of healthcare food and devices for the middle-aged and the elderly are emerging endlessly. In the age group of 50 to 70, there are relatively few inconveniences caused by health issues, hidden under the emotions of anxiety and dissatisfaction; However, as people grow over 70 years old age, their feelings of inconvenience become more obvious, and the pursuit of a stable and healthy life becomes their core demand.
END
For more than a decade, the market has been practicing the principle that "those who win the young generation will win the world". However, when a larger aging population emerging, the elderly market definitely has huge business potential, and the value of the silver generation needs to be re-measured. The key is to identify the differences between seniors of different ages, as well as to understand the behavioral changes from "digital illiterate groups" to "Internet addicts". Planted on the sharp insight and solid understanding of the silver generation, Illluminera is committed to helping brands analyze the deeper needs of consumers, grasp their behavioral preferences and consumption journey, accurately find the key to enhancing business value, and effectively open up new incremental markets.
For more information, please contact:
jenny.zhang@illuminera.com
marketing@illuminera.com
