None is oblivious to how brands sweet on the younger generation (including Gen Alpha and Gen Beta). While marketers predominantly celebrate youth and youthful energy, there lingers a constant question of whether they are hesitant to market to the silver generation, which accounts for a whopping 150 million in India.
Most marketers admit that they overlook this multi-trillion-dollar market globally right under their noses and that these individuals are merely background characters, especially in the mainstream media. A few years ago, Jeff Weiss, CEO of Age of Majority, also highlighted this by reinterpreting FOMO as ‘Fear of Marketing Older.’ Even the terminology used to describe them—older, seniors, elderly—automatically pushes this cohort into one generic group, only relevant for categories such as adult diapers!
Interestingly, India's one-fifth of the population will comprise people above 60 by 2050. Further, by then of this century, the elderly will outstrip the number of children between zero and 14, according to the ‘India Ageing Report 2023’.
Krishnarao Buddha, senior category head, Parle Products, agrees that there is a tendency for marketers to pass over the mature generation. “Typically, all the adults tend to get ignored, barring for a few categories where there is a very high propensity or probability, say automobiles. They target the silver generation because they have the money and the wherewithal to buy their products. FMCG marketers, on the other hand, tend to ignore that generation,” he says.
Supporting the above, Neetu Bansal, senior client director, Ipsos India, feels that Indian marketers are not going after the senior generations purposefully and are prioritising youth. “That’s largely because many do not see the silvers as their primary TG for most of their brands & categories. The seniors do tend to get overlooked despite the significant potential, especially the purchasing power they hold, as brands don’t see long-term benefits in going after them,” she shares.
The Challenges & The Opportunities Involved
The biggest challenge for marketers speaking to the silver generation is that they don’t perhaps understand or relate to this cohort. Secondly, marketers harbour several deep-seated misconceptions about this demographic.
There’s a famous saying, "Get closer than ever to your customers. So close, that you tell them what they need well before they realise it themselves.” However, this comes with an understanding of the consumer.
“As market research specialists, we see most of the companies restrict their consumer understanding and consumer empathy to the age of 45 years. Very few extend it to 50 or 55 maximum. This lack of understanding of the cohorts' needs despite being consumers of the category is the biggest challenge itself in marketing to this cohort,” adds Bansal.
Advertising, as we all know, has an inherent love for consumer cohorts based on age clusters. Research shows that Gen Z and millennials are more enthusiastic about trying new brands. However, the truth remains that acceptance of communication for brands is a mindset, and that mindset can be just as prevalent in the older generation.
“After years of trying various products, this age group might be more sceptical of advertising and more reliant on word of mouth, but both these traits are as true of Gen Z, albeit for completely different reasons!” comments Snehasis Bose, group chief strategy officer, L&K Saatchi & Saatchi, Publicis India, Saatchi & Saatchi Propagate.
Talking of opportunities in marketing to the silvers, the biggest opportunity lies in their ‘purchasing power’ and ‘free decision making’. Unlike teens who are dependent on parents for their spends or the younger couples who are balancing their priorities, the silvers are largely done with their set of responsibilities and have the time and money to spend on themselves and their desires and have the money to do so. “Once they are positively disposed towards your brand, it can yield great dividends,” mentions Buddha.
Global research conducted by BCG on mature consumers also clears up many of these myths. It reveals that the return on investment (ROI) for marketing to mature consumers is far better than often assumed. Mature consumers have immense buying power, spend more than members of other age groups do on individual purchases, exhibit strong brand loyalty, are resilient through economic ups and downs, and wield surprising influence over younger consumers.
Potential For Change In Advertising
Indian advertising has been using seniors, but largely as side characters and not the main bull’s eye TG. Marketers can do a better job of breaking these stereotypes and talking to seniors as ‘consumers’ and decision-makers who make their choices and live their lives with their own rules.
“While they may sit on armchairs, read newspapers, solve crosswords on their smartphones, soak in the sun, and spend time with their grandchildren, they also go for walks (and runs and swims), dine out with friends, shop for clothes and appliances, and spend on travel. They make independent decisions on most of these purchases. For marketers and advertisers, levers like quality, discernment, and even brand purpose are worth examining to capture their attention and consideration,” asserts Bose.
Swiggy is one of the few brands that has successfully broken this trend with the ‘Gulab jamun’ uncle ad, shattering quite a few stereotypes—old people can’t order digitally for themselves, they only consume homemade food, etc.
While there is merit in addressing this audience, marketers need to have a closer look at the brand synergies before targeting them, warn experts. To engage them successfully, brands don’t need to create a separate sub-brand or new products. Instead, they should adapt their KPIs or develop new ones to ensure that they don’t underestimate the long-term ROI of these mature consumers.
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