In previous generations in a strict middle-class family, it was almost an axiom that children should be seen and not heard. Fortunately, that view has been repudiated.
Nowadays, however, it has been replaced to some extent that it should be applied to the elderly.
Germaine Greer, a well known feminist, has stated that now that she is over 60 years of age, nobody attempts to sell her anything. Some of this age group feels like they are part of an invisible society.
This is surprising as those over 55 years of age are the fastest growing population segment and are also the most affluent. They have expanded by more than a third since 1964 in North America and estimated to reach 222 million by 2030.
Yet they have been largely ignored because our focus is on young people, the millennials and the baby boomers. Their influence, referred to as a “youthquake” by some, has received an overwhelming amount of attention in recent years while forsaking an aging population.
A millennial consultant found that older people do not watch a lot of television as so much is about the young. Also advertisements for medical treatments seem to dominate the airways. When Proctor and Gamble had on some of its products for older people, demand shrunk.
The older generations do not want to be labeled as old.
The housing markets are only beginning to note that in suburbia demand for single dwelling houses has been in a relative decline compared to the demand for condominiums and apartment dwellings. Many seniors want to downsize to simplify their lives or perhaps to have the freedom of a “lock and leave lifestyle” in order to travel.
The market emphasis is evolving now with many new consumer products innovatively designed to cater to the changing consumer and of benefit to this aging part of society.
Telephones and tablets now have bigger panels for letters and numbers for easier access. Many containers are easier to open and have larger print labels. Retailers too are becoming friendlier; lower shelves, more carpeting to prevent slipping, brighter lights for better visibility and so on.
Henceforth, older people will start to receive more attention compared to the baby boomers. No longer will older people be misunderstood and considered less important. Markets are growing so rapidly that going forward, the “over-60s” will not be forgotten. Their influence can no longer go unheeded.
This next phase will be an “elderquake” to shake up and reshape the economy.