insights into the mature market
DESCRIPTION
Varsity presented this information to the Market Research Association, providing insights about the lives of 55+.TRANSCRIPT
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Project Looking Glass: Rediscovering 55+ Generations
MRA Annual Conference 2008
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PLG QUALITATIVE STUDY: ETHNOGRAPHIC IMMERSION AT
GARDEN SPOT VILLAGE
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WHAT WE KNEW…
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What We Knew
• 55+ is larger than Hispanic and African American markets combined
• Over 10 million boomers in AARP• By 2030, the 65+ population will double• Over 75% of the nations wealth• Over a trillion dollars in disposable income• Control 70% of all disposable income• Life expectancy of 55+ continues to rise
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WHAT WE OBSERVED
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What We Observed
• Two experienced researchers• Collaborative effort between
and
Actionable Insights from Marketing Research
• 31 days-August, 2007• 24/7 living at a retirement community• 850 older adults on campus• One in an apartment, one in a cottage
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What We Observed
• Over 20 focus groups• What every 35-year-old needs to know• Fulfillment• Products and services
• Over 20 field trips• Grocery• C-store• Pharmacy• Restaurant
• Daily journals• Daily blog• 100 personal interviews• 125 hours of tape
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THE 65+ MARKET
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65+ Market
• 65+ as a whole• Patience, thrifty, honor, respect authority
• Shaped by their common past• Depression made them frugal• WWII elicits commitment to sacrifice and “something bigger than themselves”• Korean War on the heels of WWII –take nothing for granted• Cycles—is it based on economics?
• Silent, WWII, Boomers, back to conservatism• Previously treated as ONE generation
• Believe marketers perceive them as “dumb”
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65+ Market
•Opportunity in diverse segmentation•Age is not the only divider•Mobility•Marital status•Status quo v. change•Education•Geographic: Rural v. urban•Faith
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• Family and Pets • Many do not have the connection they would like
to have with their children, busy boomers
• Changing role of men• Cooking to cleaning—men do • it differently• Arthritis in women affects role
• Service Oriented• Opinions strongly influenced by their peers
– trust the elders
65+ Market
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65+ Health
• Health is one of the segmenting factors• Healthy or not• Will be highly definitive among boomers• Natural aging process effects response to
advertising
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65+ Health
• Vision• Retina hardens=harder to distinguish color• Pupil reduction=less light enters the eye• Name tags, prices, directions, labels hard
to read
• Hearing• 40% of 65+ have hearing loss• Hearing aids do not solve all issues• Alarms to announcements
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65+ Health
• Touch• Package size and “gripability” • Parkinson’s effects 30% of 75-to 84-year olds
(ezilon)• Older adults help each other carry trays, open
doors, move things out of the way
• Reaction Time• Automatic doors, phone prompts• Crossing lights, green to red lights
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65+ Health
• Stamina• Housing must be well laid out for older adults• Trollies: retail and in communities• Seating everywhere-even in public restrooms• Parking options, wider hallways, uncrowded
gathering venues, broad aisles in department and grocery stores
• Tables, chairs, eating areas all need to have ample “parking space” for walkers, scooter and wheelchairs
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65+ Health
• Stooping and Bending• It’s not getting down, it’s getting up• Product placement• Personal mobility vehicles
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65+ Mindset
• 25-TO 45-year olds don’t know the real scoop-older adults are not taking naps
• Don’t fear death, fear how they will die• Embrace loss• Freedom is everything• Driver’s license, physical mobility
• Connections are vital• Sense of faith and community• Not many dreams left to be fulfilled-content
where they are
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QUANTITATIVE STUDY: 55+ WEB-BASED LIFESTYLE
SURVEY
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DESIGN AND METHODOLOGY
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Design and Methodology
• Objective: to understand how the changing physiology and psychology of older adults impacts their day-to-day lives and how to take this information to product manufacturers and service providers in order to improve the quality of life.
• Need: an understanding of the day-to-day needs of seniors in conjunction with what is already known about pre-retirement and retired Baby Boomers, is a critical step in the process of marketing to this audience now and in the future. This will require different approaches to different subsets, rather than treating the entire category as a homogenous population.
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• Demographics:55-to 64, 65-to 74-year old, 75+
• Goal total for Phase 1=1,500• 500 retirement community, 1,000 non-
retirement community, age and geographic spread, eventual weighting of the data to those more populated regions
• Initial focus on PA: Home of Varsity and Leap, fifth largest 65+ population in 2005
Design and Methodology
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• 69 main survey questions• 5 branch sub-surveys seamlessly
programmed addressing health, living conditions, social, travel and media and technology
• Currently live, hosted on Varsity website www.varsityone.com “take our survey”
• CATI from statistically cut sample/open to CRCC and individual participation
• Current numbers: 400 nationwide• Panel/Omnibus
Design and Methodology
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DEMOGRAPHICS
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Demographics
Gender
31%
69%
Male
Female
Ethnicity
91%
3% 1% 3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Caucasian African
American/ Black
Hispanic Other
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Demographics
AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KY, MA, MD, ME, MI, MN, MO, MT, NC, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI,
SC, TN, TX, UT, VA, WA, WV, WY
Live In A Retirement Community
78%
22%
No
Yes
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Demographics
Age
1%
27%20%
52%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
54 or Younger 55-64 65-74 75+
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Demographics
Education Level
3%8%
1% 2%
15%
1%6%
21%31%
12%
0%10%20%30%40%50%60%70%80%90%
100%
Some High
School
High School Some College Associate's
Degree
Technical
School
Bachelor's
Degree
Some
Graduate
School
Master's
Degree
Medical
School
Doctoral
degree
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Demographics
Marital Status
35%
9%1%1%
50%
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Single/ Never
Married
Married Cohabitating Separated Divorced Widowed
Number of Times Married (if Married)
75%
20%
5%
1 time
2 times
3 or more times
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Demographics
Children11%
89%
No
Yes
Number of Children
8%9%9%
26%31%
18%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1 2 3 4 5 6 or more
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Demographics
Children Still Living9%
91%No
Yes
Grandchildren
16%
84%
No
Yes
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Demographics
Distance of Nearest Child
24%
8%17%
51%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
<10 miles 11-25 Miles 26-50 Miles 51+ miles
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Demographics
Frequency of Communication with Children
2%1%2%3%7%
43%44%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Daily Weekly Bi-weekly Monthly Bi-monthly Annually Never
Most Common Form of Communication with Children
2%
67%
0%
28%
4%
0%
10%20%
30%
40%50%
60%
70%
80%90%
100%
E-mail or Instant
Message
In person Letters Telephone No Contact
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Demographics
Have Pets
62%
38%
No
Yes
Types of Pets
4%0%
6%2%
64%
52%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Cat(s) Dog(s) Fish Bird(s) Reptile(s) Other
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MEDICAL / HEALTH RELATED
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Medical/Health Related
Type of Health Coverage
3%9%
14%14%
49%
5%
25%25%
0%
10%
20%
30%
40%
50%
HMO
PPO
Tradit
ional
Inde
mnit
y
Medica
re
Medica
id
MediG
ap or
Supp
lemen
tal
None
Othe
r
How Health Coverage is Paid For
3%
13%
24%
7%
14%
39%
0% 20% 40% 60% 80% 100%
I/ We pay out of pocket
Former employer pays
My/ Our current employer pays
Govt/ Medicaid/ Medicare
I/ We pay part and current/ former employerpays part
Other
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Medical/Health Related
Long-term Care Insurance
60%
40%
No
Yes
How Long-Term Care Insurance Is Paid For
67%
8% 6%13%
6%
0%10%
20%30%
40%50%60%
70%80%
90%100%
I/ We pay outof pocket
Formeremployer pays
My/ Ourcurrent
employer pays
Govt/Medicaid/Medicare
Other
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Medical/Health Related
Life Insurance
36%
64%
No
Yes
How Life Insurance Is Paid For
73%
7% 7% 7% 7%
0%10%
20%30%
40%50%60%
70%80%
90%100%
I/ We pay outof pocket
Formeremployer pays
My/ Ourcurrent
employer pays
Govt/Medicaid/Medicare
Other
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Medical/Health Related
Top 7 Diseases/ Illnesses/ Conditions From Aging
49%
43%
41%
25%
18%
16%
11%
0% 10% 20% 30% 40% 50%
Cardiovascular Disease
Cataracts
Diabetes
Menopause
High Cholesterol
High Blood Pressure
Arthritis
Top 6 Symptoms from Diseases/ Illnesses/ Conditions
25%
25%
26%
27%
29%
34%
0% 10% 20% 30% 40% 50%
Hearing loss
Decreased bladder control
Irregular sleep patterns
Fatigue
Vision Impairment
Decreased mobility
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Medical/Health Related
Have or Use
11%
12%
13%
88%
1%
3%
4%
6%
6%
6%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Visiting Nurse
Non-medical personal assistance
Prosthesis
Wheelchair
Meals on Wheels type service
Home health care
Walker
Hearing Aid
Cane
Eye glasses
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Campaign Objectives
Most Important Aspect of Health
51%
3%
46%
Mental Emotional Physical
Most Difficult Aspect of Health to Maintain13%
10%
77%
Mental Emotional Physical
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Medical/Health Related
Top Ways to Maintain Health
88%
50%
59%
68%
76%
78%
84%
0% 20% 40% 60% 80% 100%
Take over the counter medications
Take vitamins or supplements
Go to church, place of worship, or spiritual centerregularly
Exercise and keep physically active
Take prescription medications
Visit a general doctor regularly
Eat healthy foods
Sources Used for Health Related Issues
27%
31%
89%
6%
8%
10%
17%
19%
25%
0% 20% 40% 60% 80% 100%
Other
From the radio
I consult family members other than mychildren
From television
I consult my friends
I consult my children
On the internet
From newspapers, magazines, or journals
I talk to my doctor(s)
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TRAVEL, LIFESTYLE AND SHOPPING
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Travel
Travel
47%
53%
No
Yes
Where Travel
0%
53%
44%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
International Domestic Both
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Travel
Travel Frequency
14%
14%
32%
24%
6%
10%
Monthly
Quarterly
2-3 times a year
Once a year
Every other year
Other
Purpose of Travels
75%
17%
52%
4%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Visit Family/ Friends
Business
Tourism/ Vacation
Other
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Lifestyle
Frequency of Sexual Activity
8%
48%
1%10% 9% 7%
2%
16%
0%
10%20%
30%40%
50%
60%70%
80%90%
100%
Daily Weekly Bi-Weekly
Monthly Bi-Monthly
Rarely Other Never
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Lifestyle
Cooking/ Eating at Home
12%
88%
No
Yes
Frequency of Dining Out
5%1% 2%
13%
45%
14%21%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Every meal 1 meal aday
3-5 Timesa week
1-2 timesa week
Every otherweek
Rarely Do notdine out
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Lifestyle
Top 5 Hobbies/ Actvities
25%
25%
27%
38%
62%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Gardening
Sewing/ Knitting
Games
Music
Reading
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Lifestyle
Religious Affiliation
43%
8%
21%
0%
1%
3%
24%
0% 20% 40% 60% 80% 100%
None
Other
Buddhism
Taoism
Judaism
Christianity - Catholic
Christianity - Protestant
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Shopping
Actions When Planning To Go Grocery/ Mall Shopping
10%11%12%
27%
63%
86%
0%10%20%30%40%50%60%70%80%90%
100%
Make a list of items topurchase
Check supply of goods Make a list of placesto go
Make arrangementsfor transportation
Make arrangementsfor someone to assistyou in your shopping
Get advice fromfamily or friends on
large purchases
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Shopping
Use When Shopping
85%
37%
24%
15% 13%5%
0%10%20%30%40%50%60%70%80%90%
100%
Standard shoppingcart
Credit cards Self check-out/ scan Handicapped parkingspace
Standard shoppingbasket
Electric scooter
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Shopping
Top Issues When Shopping
54%
17%
18%
20%
22%
27%
27%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Clutter
Difficulty with the width of the aisles
Hard to read labels
Hard to read price
Crowds
Hard to find items
Hard to reach items (too high or too low)
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Shopping
Problems Experienced with Products/ Services
3%8%9%
23%
38%43%
0%10%20%30%40%50%60%70%80%90%
100%
Difficulty openingbottles/ cans
Difficulty openingpackaging
Small font/ hard toread
Difficulty readingnutrition labels
Difficultyunderstandingnutrition labels
Difficultyunderstanding
cooking instructions
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Dining Out
Top Issues When Dining Out
11%
12%
13%
14%
23%
0% 5% 10% 15% 20% 25%
Hard to read menus
Poor service
Poor lighting
Poor seating while waiting for table/ booth
Noise levels are too high
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FINANCE AND WILLS
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Finance and Wills
Household Income
31%
15% 17% 17% 21%19%15%15%18%
33%
0%
10%
20%30%
40%
50%
60%
70%80%
90%
100%
<$20K $20K-$35K $35K-$50K $50K-$75K $75K+
Total Household income before taxes Most earned in any given year
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Finance and Wills
Types of Financial Institutions
1%4%
22%32%28%
92%
23%
0%10%20%30%40%50%60%70%80%90%
100%
Accounting
Firm
Bank Credit Union Financial
Advisor/
Asset Mangt
Firm
Stock
Brokerage
None Other
Types of Financial Accounts Owned
2%
96%
41%
68%
18%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
None Checking Retirement Savings Trust
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Finance and Wills
Top 5 Investment Vehicles Used
64%
49%
44%
42%
36%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
CD
Mutual Funds
Stocks
IRA/ 401K
Savings Account
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Finance and Wills
Direct Deposit
18%
82%
No
Yes
Internet for Banking
73%
23%
No
Yes
Investment Counselor
58%
42%
No
Yes
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Finance and Wills
Primary Goal of Investments
1%
1%
5%
12%
80%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Just a hobby
Extra money for entertainment
Other
Inheritance for children
Lifestyle Maintenance
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Finance and Wills
Have A Will
16%
84%
No
Yes
Have A Living Will
27%
73%
No
Yes
Given Power of Attorney to Family Member
31%
69%
No
Yes
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MEDIA / TECHNOLOGY
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Media/Technology
Subscribe to a Newspaper
32%
68%
No
Yes
Listen to the Radio
30%
70%
No
Yes
Watch TV5%
95%
No
Yes
Subscribe to a Magazine
39%
61%
No
Yes
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Media/Technology
Frequency of Newspaper
1%
48%
90%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Daily Weekend Other
Type of Newspaper
4%
16%
90%
2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
National Regional Local Other
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Media/Technology
How Often Listen to the Radio
9%
5%
22%
64%
0% 20% 40% 60% 80% 100%
Every day
3-4 times a week
Weekly
Rarely
Type of Radio
13%
36%
51%
AMFMBoth
Types of Radio Stations Listened To
77%
51%
17%10%
1%
0%
20%
40%
60%
80%
100%
Music Talk Religious Sports Other
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Media/Technology
How Often Watch TV
1%2%4%
93%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Every day 3-4 times a week Weekly Rarely
Top 6 TV Stations Watched
37%
44%
68%
69%
74%
79%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
History Channel
CNN
FOX
CBS
NBC
ABC
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Media/Technology
Top 6 Types of TV Programming Watched
27%
31%
44%
55%
56%
79%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Cooking
Sports
Drama
Movies
Documentary
News
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Media/Technology
Device Usage
5%
7%
18%
8%
63%
48%
55%
68%
62%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Cell Phone
CD Player
Computer
Internet
DVD Player
MP3 Player
PDA
TiVo
None
What Internet Is Used For
50%
50%
63%
87%
10%
18%
29%
29%
31%
39%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100
%
Downloading Music
Other
Other types of research
News
Banking
Education on health related issues
Purchasing products or services
Research on health related issues
Research on products or services
E-mail/ Communication
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QUESTIONS