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BizReport : Research archives : March 03, 2014

Nielsen: Most feel brands 'don't meet needs' of aging

Brands: if you want to make an impact with consumers don't forget older shoppers. That is the takeaway from a new report out from Nielsen which indicates consumers now don't believe most brands are taking the needs and wants of older citizens into account - despite their enhanced buying power.

by Kristina Knight

About one-third of the global population (2 billion people) will be aged 60 or older by 2050 according to the World Health Organization, and a new report out from Nielsen indicates that at least half of people believe the needs of older consumers aren't met by global companies.

This despite the fact that Boomers and, as they age, Gen Xers will have more buying power than their younger counterparts. Some interesting findings from the Nielsen report include:

• 38% of Americans say they 'don't see' ads reflecting older consumers
• 50% of global consumers say product labels are hard to read
• 43% of global consumers say easy-open packaging is hard to find
• 34% of global consumers say it's hard to find products for older consumers in-store

"While an online survey methodology allows for tremendous scale and global reach, it provides a perspective only on the habits of existing Internet users, not total populations. In developing markets where online penetration has not reached majority potential, audiences may be younger and more affluent than the general population of that country," writes Nielsen.

The top concerns of the aging include losing their self-reliance (58%), physical agility (57%) or mental agility (51%). Nearly half say they are worried about becoming a burden on their family, having enough money to be comfortable or just cover medical costs.

Image via Shutterstock

Tags: advertising, Baby Boomer generation, ecommerce, Nielsen, older consumers

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