Ignoring the 50+ Market, Businesses Open the Door for Their Competitors, Expert Warns
Wednesday, December 7th, 2011Orlando, FL (PRWEB) December 06, 2011
How is society unprepared for older adults? Let me count the ways, Colin Milner, CEO of the International Council on Active Aging (ICAA) said today in his keynote address at the 10th annual International Council on Active Aging Conference here.
One, older adults themselves are ill-prepared for retirement, as many recent surveys have shown. Two, the workforce is not prepared for those who are staying longer, or who are leaving, whether because of mandatory retirement, ill health, or to start new businesses or careers. Three, the healthcare system lacks the level of staffing and expertise to easily accommodate large numbers of older adultsparticularly those seeking preventive services rather than treatments. Four, the World Economic Forum and the World Health Organization have noted that most cities around the world arent conducive to older adults remaining active, vital members of society.
On the positive side, because so many sectors are late in recognizing the needs, desires and value of the Boomer market, there are now untold opportunities for existing and new companies to serve this burgeoning demographic, Milner said.
Milner identified three main areas of opportunity for consultants and businesses that get it.
Self-monitoring technologies: We dont have enough health professionals or caregivers based on current projections. Thus, theres an opportunity for smart technologies to fill the gap, helping people to self-manage chronic conditionsfor example, diabetes with glucose monitoring, and hypertension with blood pressure monitoring, Milner said. People want aids such as these that are easy to use and unobtrusive.
Wellness/lifestyle specialists: Since most health insurers, including the US government, do not support a wide array of preventive services, there are opportunities for individuals to provide not just personal training, but also wellness and prevention training, and to act as life coaches or advisors in other areas, as well, Milner says. People are paying to ensure they age well in all aspects of their liveshealth, nutrition, fitness, finances, travel and other quality-of-life pursuits.
Lifespan and lifestyle products: Marketers who get it are targeting interests, not age, Milner says. That means older adults are showing up in ads–albeit nowhere near the level of younger adults–among the people who enjoy running shoes, cars, motorcycles, and so forth. This is in contrast to graywashingjumping into the market place and trying to reposition existing products as though theyre for older adults, when they arent. Or pushing so-called anti-aging products, which are useless.
At end of day, Milner emphasizes, there is no monolithic over-50 market. There are people who buy like everyone else does, only they have more life experience and many of them know what they want. The trillions of dollars that they control will go to the businesses that understand and value them.
About the International Council on Active Aging (ICAA)
The International Council on Active Aging
