In business the market place is continually changing as the demographics of the population shift. New technology is coming to the market at an exhilarating speed. Businesses that catch the latest trends will ride the wave for years to come.
The biggest change taking place now and over the next few years is the rise in power of the mature (50 plus) market. By 2025 one in three people in the UK will be 55 or older. In Europe the percentages will be even higher! The spending power of this segment will be huge. In most case the retirees will have paid of their mortgages and will no longer have to support their children.
How will this affect business and what changes do I expect?
Fitness Clubs - Up till now gyms have been primarily marketed to young, health conscious, beauty obsessed people between 18 to 40 years old. Over the next few years this will change as the market realises how much disposable money the retirees have.
Nutrition Foods - The ageing population has different nutritional needs and requirements from its younger counterparts. Expect to see a lot more supplements that specifically target the "mature" market. Labels will be in larger font sizes so that they are easier to read…
Fashion - Stores will open that specifically target the 50 plus bracket. No longer will this age group be ignored. Some of the trendiest people on the streets will be retirees! Not only will they demand great looking designer wear but they will also insist on comfort.
Financial Products - as the major banks and loan providers realise that many people in their 50s still have a good 20 years left to live; they will design specific mortgages and loans for this age group. Let's face it, these mature people have the benefit of years of experience and are unlikely to take on debt if they thought they might not be able to keep up repayments.
Property - many people in the 50 plus bracket now want to sell their big houses and live in easy to maintain luxury apartments. If you think the prices of quality 2 to 3 bedroom apartments are high now wait till you see the full impact over the next twenty years!
Vehicles - retirees do not need large cars or off roaders. They require small powerful cars with large boot spaces for their golf clubs & holiday luggage. They need the power for pulling their luxury caravans and DIY trailers.
Welcome to the future of the 50 plus. This is just the beginning.