Marketing to senior citizens: challenges and opportunities.

1. Introduction

Never before has humanity seen such adevelopment: A shrinking population in almostall developed countries and at the same time aconsiderable aging of their inhabitants

:This article is about the video game. ForInhabitants of housing, see Residency

Inhabitants is an independently developedcommercial puzzle game created by S+FSoftware. Details

The game is based loosely on the conceptsfrom SameGame. (Gassmann andReepmeyer, 2006; Wodok, 2004; Michaels,2003; Wallace, 1999). So far, the history of humanity and the development of the modern economyhave been primarily characterised by the youth and, hence, growth. This also explains why to thisday, no country has had any experiences regarding the consequences that such a change in the ratiobetween the young and the old will have on the economy. It is conceivable conceive

v. conceived, conceiving, conceives

v.tr.

1. To become pregnant with (offspring).

2.

that extensive economic growth may slacken due to this demographic development. What we canbe sure of is that the demand situation and people's patterns of consumption will changesignificantly. This may not be abrupt, but it is certainly unavoidable and fixedly determined. It alsoleads to insecurity Insecurity

Inseparability (See FRIENDSHIP.)

Insolence (See ARROGANCE.)

Hamlet

introspective, vacillating Prince of Denmark. [Br. Lit.: Hamlet]

Linus

cartoon character who is lost without his security blanket.

for many companies while simultaneously providing fantastic opportunities (Neundorfer, 2008;Kohlbacher and Herstatt 2008; IHK IHK Industrie Und Handelskammer (German)

IHK Indian Held Kashmir

IHK Indeks Harga Konsumen (Consumer Price Index)

IHK Institution of Homoeopaths Kerala (India) , 2008; Maas and Erbsloh, 2007; PwC, 2006;Lienhard, 2006; Hunke and Gestner, 2006; Haimann, 2005; Capgemini, 2005; GREY, 2005;Verheugen, 2004).

Marketing and advertising campaigns in recent decades have been focused on young consumersbecause the elderly or the senior citizen segment was stereotyped as a unique segment of low net-worth individuals dependent on their children's income (Dwight and Urman, 1985; Bivins, 1984;Allan, 1981). Today, the silver haired segment of the population represents a huge untapped marketthat has the financial means to remain independent in its members' later years (Klebl, 2007; Arnoldand Krancioch, 2007; Hunke and Gestner, 2006; Haimann, 2005; Holper, 2002).

Surveys reveal that these seniors have higher education and independent sources of income. Theyhave access to the Internet and read print media. Based on a study of the senior citizen's lifestyle,published in the Journal of Consumer Marketing, researchers define the elderly market "as people of55 years of age and older who are consumers of products and services for seniors" (Kim, Kim andKim, 2003). Other surveys showed that the 55-65 market saves twice as much as the 25-44; hasdouble the discretionary spending of the younger market; and if motivated motivate

tr.v. motivated, motivating, motivates

To provide with an incentive; move to action; impel.

mo to spend and buy, purchases more investment properties, new cars, travels more often andliterally buys more better-quality products (Meyer-Hentschel and MeyerHentschel; 2009; Abdel-Ghany and Sharpe 1997; Sherman and Forman, 1988). This makes seniors one of the most importanttarget consumer groups for the coming decades and turns them into a significant driving force forcompany success in many industries (Klausch, 2008; Arnold and Krancioch, 2007; Gassmann andReepmeyer, 2006; Hunke and Gestner, 2006; Martin, 2004; Kirch, 2003; Peterz, 2003).

2. Defining 'Marketing to Senior Citizens'

Before defining "marketing to senior citizens", the term "age" must be defined, since gerontologicalgerontology

n.

The scientific study of the biological, psychological, and sociological phenomena associated with oldage and aging.

geron literature tells us that age can be understood and defined in many different ways (Arnold

and Krancioch, 2007; Bachmaier and Kiinzli, 2006; Lehr, 2006; Martin, 2004; Ricklefs and Finchfinch, common name for members of the Fringillidae, the largest family of birds (including over halfthe known species), found in most parts of the world except Australia. , 1996; Reimann andReimann, 1994). Furthermore, as far as possible, a neutral age definition is required for marketing,which neither denies nor combats age (Kalbermatten, 2008; Ebel, 1987). A value-free definition ofage intends to use the terms "age" and "old person" to describe an affiliation to a particular phase oflife without presenting "old" as a judgemental expression.

Age

As with childhood and youth, we now define "age" as a separate phase of life (Martin, 2004).Through the years, many studies and practical experiences have shown that most people considersocially introduced retirement and the instance of becoming a pensioner PENSIONER. One who issupported by an allowance at the will of another. It is more usually applied to him who receives anannuity or pension from the government. to be a cut or break in their lives, changing behaviour ina multitude of ways (Meyer, 2008; Kohlbacher and Herstatt, 2008, Neunzig, 2000). According toaccording to

prep.

1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3. Engel (2008), becoming a pensioner can be regarded as a "turning point". As a result, it makessense to choose pension age or retirement as a dividing line Noun 1. dividing line - a conceptualseparation or distinction; "there is a narrow line between sanity and insanity"

demarcation, contrast, line

differentiation, distinction - a discrimination between things as different and distinct; "it is necessaryto for age (Meyer, 2008; Booz & Company, 2008; Briinner, 1998). This definition is also used herebecause retirement is the only aspect jointly applying to otherwise heterogeneous seniors(Kalbermatten, 2008; Etrillard, 2004; Tews, 1995; Benet and Newman, 1989). In most developedindustrial nations, this gives us an age of around 60 years (Meyer-Hentschel and Meyer-Hentschel,2009; BMELV, 2007; Walker, 2004; Martin; 2004). But in marketing to seniors the age limit becamelower and lower; e.g., 55-plus, 50-plus or even 45-plus (see chapter six).

Consequently, age is not defined by illness, as age cannot be defined by the occurrence of aparticular disease or by a constellation Constellation, ship

Constellation (k?nst?l?`sh?n), U.S. frigate, launched in 1797. It was named by PresidentWashington for the constellation of 15 stars in the U.S. flag of that time. of illnesses (MeyerHentschel and Meyer-Hentschel, 2009; Berghaus, 2006; Stuttgart, 2006). Age is also not aspecifically human trait trait (trat)

1. any genetically determined characteristic; also, the condition prevailing in the heterozygous stateof a recessive disorder, as the sickle cell trait.

2. a distinctive behavior pattern.

applying to the majority of older humans. If we were to define age as illness or as a feeling, manypeople would never be old. A person who feels healthy, fit and young at 85 and then dies wouldhence never be old, and marketing to senior citizens would also not be required for this person(Kalbermatten, 2008; Gruss, 2007).

It is important to note that we must distinguish between actual and perceived, subjective age(Witterstatter, 2008; Johnson, 1996; Kolzer, 1995; Henderson, Goldsmith and Flynn 1995; Wilkes,1992; Stephens, 1991; Chua, Cote and Leong, 1990; Seitz and McClary, 1988; Barak and Stern,1986). In the broadest sense, subjective age includes all cognitive and affectiveaffective /affective/ (ah-fektiv) pertaining to affect.

affective

adj.

1. Concerned with or arousing feelings or emotions; emotional.

2. representations associated with age and aging (Gana, 1995). Barak and Schiffman (1981)introduced the concept of subjective age in marketing at the start of the 1980s, using hypothesesdrawn from the cognitive theory Conitive theory may refer to:

Theory of cognitive development, Jean Piaget's theory of development and the theories whichspawned from it.

Two factor theory of emotion, another cognitive theory.

of aging (Thomae, 1970). This means that cognitive age is one's 'feel age', that is how old you feel,which is both self-reported and scientifically measured (Barak and Schiffman, 1981). And Barryquoted: "You can measure this notion of cognitive age well both domestically and overseas" (Barry,quoted in SMU SMU Southern Methodist University

SMU Solid (Waste) Management Unit

SMU Saint Mary's University (Halifax, Nova Scotia; Philippines)

SMU Singapore Management University

SMU Saint Mary's University of Minnesota 2009).

In this context, feel age often tends to be younger than actual age (Gassmann and Reepmeyer, 2006;Reader's Digest Deutschland, 2006; Jaeggi, 2006; Peterz, 2003). In the KarstadtQuelle study "Freierdenn je ... Die freie Generation 2009--Das Lebensgefiihl der Menschen ab 45" (lit. "Freer than everbefore ... The free generation 2009--Attitude to life for people of 45 and upwards"), many of thosequestioned had an average feel age of 53 years, which is even lower than in the two previous studies(2000 and 2006)--by an average of about 10 years. Women feel even younger than men (roughly oneyear). Education also seems to extend the feeling of being young: Respondents In the context ofmarketing research, a representative sample drawn from a larger population of people from whominformation is collected and used to develop or confirm marketing strategy. with a higher level ofeducation classified themselves as being 6 years younger than respondents with a lower level ofeducation (KarstadtQuelle Versicherungen, 2009). Meyer-Hentschel (1986) also confirms this linkbetween education and feel age, stating that: "The discrepancy DISCREPANCY. A difference

between one thing and another, between one writing and another; a variance. (q.v.)

2. Discrepancies are material and immaterial. between actual and perceived age isparticularly noticeable with people who have (...) a high level of education." The consumer researchgroup GfK (Gesellschaft fir Konsumforschung) investigated the "Silver Generation" in a study in2008, which generally led to similar results. According to GfK, three quarters of respondents feltalmost ten years younger than their actual age (GfK, 2008b). These results show the sametendencies as GREY's observations (2005) even though the latter's research even demonstrated thatthe generation of 50+ felt 14 years younger. In this respect, Meyer-Hentschel (1986) stresses thatwith increasing age the discrepancy between chronological chronological alsochronologic

adj.

1. Arranged in order of time of occurrence.

2. Relating to or in accordance with chronology. and subjectively perceived age grows steadily.Berghaus (2006) concludes: "Our surveys have shown that people aged 50 and over give the sameresponse: I feel a lot younger than I actually am. The difference between feel age and actual age isbetween 7 and 1 5 years. Even the majority of 70- to 75-year-olds do not describe themselves asseniors".

Entry into the older age group means dealing with a new situation and hence a reorientation Noun1. reorientation - a fresh orientation; a changed set of attitudes and beliefs

orientation - an integrated set of attitudes and beliefs

2. reorientation - the act of changing the direction in which something is oriented (Engel, 2008;Strauch, 2008; Gruss, 2007). Actions required after retirement are suddenly different to those beforeretirement. Older people are suddenly faced with entirely different tasks, life projects andbehavioural Adj. 1. behavioural - of or relating to behavior; "behavioral sciences"

behavioral patterns (Kalbermatten, 2008; Hoffmann-Kramer, 2007). Marketing to seniors could behelpful to gerontology gerontology: see geriatrics. in terms of repositioningrepositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improveaccess or visualization of the operative field, which may be linked to complications, as it changesanatomic planes of operation. Cf Laparoscopic surgery. the age (e.g., feel age versus actual age),allowing it to be dealt with in its entirety. Conversely converse 1

intr.v. conversed, conversing, converses

1. To engage in a spoken exchange of thoughts, ideas, or feelings; talk. See Synonyms at speak.

2. and according to Meyer-Hentschel (1986), gerontology could also "provide plentifulplentiful

adj.

1. Existing in great quantity or ample supply.

2. Providing or producing an abundance: a plentiful harvest. evidence for practical marketing

work" due to its practical research.

Marketing to senior citizens

Marketing is often regarded as market-oriented company management (Meffert, Burmann andKirchgeorg, 2008; Winkelmann, 2008; Fritz fritz

n. Informal

A condition in which something does not work properly: Our television is on the fritz.

[Perhaps from German Fritz and von der Oelsnitz, 2006; Olbrich, 2006; Martin, 2004; Bruhn andSteffenhagen, 1998). If this general definition of marketing is applied to the target group of seniorcitizens, marketing to seniors can be seen as the consistent focus of all entrepreneurial activities onthe relevant markets, industries and consumer groups--i.e., senior citizens (Meyer-Hentschel andMeyer-Hentschel, 2009; Reidl, 2007).

Whereas science has been dealing with the senior citizens' market since the 1960s, emphasizing itsfuture potential in numerous surveys, articles and recommended actions (see section four: Literaturereview), only a few pioneering spirits dared to approach this market in the 1980s (Senf, 2008;Kalbermatten, 2008; Hunke and Gestner, 2006; Martin, 2004). At the beginning, competitors evensniggered at these companies because of their firm belief in the youth-centered economy and in theresulting growth (Meyer-Hentschel, 2008b; Gassmann and Reepmeyer, 2006; MeyerHentschel,1986). By now, this view has changed in many places. "In short, the senior market is a goldmine andone that we have been researching and documenting since 1985. Marketing to seniors produces thebest return per marketing dollar" (Marketing-To-Seniors, 2008). Successful marketing to seniors iseven becoming an economic necessity for many forward-looking companies (Meyer-Hentschel,2008b; IHK, 2008; Reidl, 2007; Giereth, 2006; Martin, 2004; Krieb and Reidl, 2001; Moschis, 1992).

Marketing to seniors comprises the targeted focus of marketing strategies and tools to the olderconsumer market. Marketing-related literature does not (yet) provide a consistent definition,however, so that different authors give different definitions for marketing to seniors. Most authorscan be split into two groups. One group prefers not to use special approach strategies for seniors.Consequently, they are clearly for so-called integration marketing, according to which the productsoffered and advertising communication are not aimed at particular age groups (Feige, 2006; Giger,2003; Briinner, 1998; Opaschowski, 1998). This allows the older generation to feel integrated as apart of society rather than excluded (Krieb and Reidl, 2001).

The other group of authors puts the focus on a target marketing concept with explicit marketing toseniors. This means that integration marketing is only accepted conditionally (Meyer-Hentschel andMeyer Hentschel 2009; Reidl, 2007; Peisker, 2007; Rutishauser, 2005; Hartl Kasulke, 1998). In thissense, marketing to seniors now means that the objectives and measures of a company or ofparticular sections must be adjusted to the specific current and potential requirements and needs ofthe senior market (Nieschlag, Dichtl and Horschgen, 2002, Grosskopf , 1998). In this context, vonBaumann (1990) states the following: "If, when researching the needs and expected benefits forseniors, greater differences can be found and characterised compared to the rest of the populationand to other target groups, then it is possible to develop an independent marketing concept forseniors." "Marketing to seniors combines the essential principles with senior-specific ideas,examples and programs for anyone desiring to promote goods and services In economics, economicoutput is divided into physical goods and intangible services. Consumption of goods and services isassumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods

and Services Tax. to the senior market" (Walker, 2004). And Martin (2004) even stresses: "Ageneral view of the segment of over 50s does not allow for a successful treatment".

3. Market Segmenting Approaches

Marketing to seniors does not focus on a particular target group but on a multitude of differentcustomer segments. Marketing recognised early on that: There might be the phase of life called'Age', but there are no typical old people (Kalbermatten, 2008; Kofidou, 2008; Engel, 2008; GREY,2005; Walker, 2004; Boyer King, 2004; Jasny, 1997), which is why Peterz (2003) describes the seniorsegment as "... the most difficult market research target group of all...." No generation or partialsegment of the market is more heterogeneous and diverse than the 50-plus generation (Meyer-Hentschel, 2008a; Meyer, 2008; Pompe, 2007; Reader's Digest Deutschland, 2006; Etrfflard, 2004;Reitzler, 2001; Shoemaker 2000; Tews, 1995; Benet and Newman, 1989; Greco, 1987; Lazer, 1986;Bivins, 1984). And Meyer-Hentschel (1986) emphasizes: The older people get, the bigger thebehavioural differences between them. The renowned US gerontologist gerontology

n.

The scientific study of the biological, psychological, and sociological phenomena associated with oldage and aging.

geron Neugarten provides the central statement for this, saying that: "If a person is 70 yearsold, this tells us nothing about them. Except that they were born 70 years ago" (Neugarten, quotedin Peisker, 2007).

Today's silver generation is active, self-confident, demanding, adventurous adventurous

adj.

1. Inclined to undertake new and daring enterprises.

2. Hazardous; risky.

adven , experience-driven and forward-looking, keen to consume and pleasure-loving. It tries toavoid risks, dislikes using credit cards for purchases and wants to enjoy life instead of saving(Strauch, 2008; Wild, 2008; Kofidou, 2008; IHK, 2008; Pepper Institute on Aging & Public Policy,2007; GREY, 2005, Etrillard, 2004). Marketing to seniors has recognised the heterogeneityheterogeneity

n.

The quality or state of being heterogeneous.

heterogeneity

the state of being heterogeneous. of this 50-plus target group and therefore tries to make thesegmentation into the different typologies of age more palpable Easily perceptible, plain, obvious,readily visible, noticeable, patent, distinct, manifest.

The term palpable usually refers to some type of egregious wrong, such as a governmental error orabuse of power. and assessable (Kalbermatten, 2008; Engel; 2008; KuB and Tomczak, 2007;

Reader's Digest Deutschland, 2006; Conrad and Gerling, 2004; Hartl-Kasulke; 1998) (1).

The research area of Sociometrics at TNS TNS

transcutaneous neural stimulation. Emnid has, e.g., identified three types of the 50-plus targetgroup: The Passive Old, the CulturallyActive, and the Experience-Driven (TNS Emnid, 2004). On theother hand, the Ernst Dichter Institute differentiates between four types: TrendBlockers, Trend-Accepters, Trend-Setters and Trend-Jumpers (Ernst Dichter Institut, 2000). The research instituteGfK even differentiates between eight types: the Dreamers, the Cosy, the Demanding, theAdventurous, the Critical, the Down-to-Earth, those seeking protection and those open to the world(GfK, 2005). Gerontology tends to use the following types: If age is used as a criterion forclassification, we speak of the "young old ones" from 65 to 74 years, the "old-old" from 75 to 90years, the "oldest old" from 91 to 100 years and the "long living" for those of 100 years and more.Based on the continuation of their roles, however, we can distinguish between senior citizens livingindependently, so-called "Go goes"; senior citizens requiring help, called "Slow goes"; and seniorcitizens requiring care, the "No goes" (BMELV, 2007). The Senior Scout Lifestyle study 50 pluspoints out four types: the Trend-Oriented, the Individuals, the Preservers and the Practical (Reidl,2007). The renowned gerontologist and age researcher Dychtwald splits seniors into four groups:The Ageless Explorers, The Comfortably Contents, The Live for Todays and the Sick and Tireds (Tsai,2009). And the Federal Association of the German Advertising Industry (ZAW (Zero Administrationfor Windows) An umbrella term from Microsoft for enhanced network administration features suchas automatic distribution of new software and upgrades. First implemented in Windows NT, suchfeatures have migrated to other versions of Windows. See ZAK. ) sorts the generation 50-plus intothe following five types: The Clever Cosmopolitans, the Hedonists, the Illiquid Illiquid

An asset or security that cannot be converted into cash very quickly (or near prevailing marketprices).

Notes:

A house is a good example of an illiquid asset.

See also: Cash, Liquidity

Illiquid

In the context of finance.

Traditionalists, the Moderate Xenophobes and the Apathetic apathetic

adj.

Lacking interest or concern; indifferent.

ap athet Aged (ZAW, 2010). The MeyerHentschel Institute also differentiates between phases oflife as these three types: Pre-senior 50-plus, young seniors 60-plus and older seniors 70-plus (Meyer-Hentschel and Meyer-Hentschel, 2009). Finally, Sinus sinus, cavity or hollow space in the body,usually filled with air or blood. In humans the paranasal sinuses, mucus-lined cavities in the bones ofthe face, are connected by passageways to the nose and probably help to warm and moisten inhaledair. Sociovision presents the heterogeneity of the 50-plus target group with the following types:Homely Pensioners, the Resigned Old, the Precarious, Old Kids, the Wellness-Focused, the

Avantgarde, Vital Intellectuals, the Demanding Epicures and Seniors (Sinus Sociovision, 2005).

Each of these and other typologies (e.g., Booz & Company, 2008; GREY, 2005; T.E.A.M., 2004) issurely justified and has a particular relevance even if many of the new approaches do not necessarilyprovide new insights. In part, the type designations can even be similar, which is not surprisingconsidering that the quantitative and qualitative description of a population at roughly the sametime cannot present largely different findings (Reader's Digest Deutschland, 2006). However,companies should choose typologies according to their ability to provide pragmatic contributions tothe target achievement in question. Meyer-Hentschel and Meyer-Hentschel emphasize that a purelyage-based three-way split of 50-plus, 60-plus and 70plus can even be suitable for a first sensitisation--but not for a final market segmentation Market Segmentation

A marketing term referring to the aggregating of prospective buyers into groups (segments) thathave common needs and will respond similarly to a marketing action. (Meyer-Hentschel andMeyer-Hentschel, 2009). Barry acknowledges that there are some demographics The attributes ofpeople in a particular geographic area. Used for marketing purposes, population, ethnic origins,religion, spoken language, income and age range are examples of demographic data. that areuseful for segmenting, but importantly cognitive age is a driver. The message to marketers is: Focuson feel age, not real age (SMU, 2009). Many authors confirm this interpretation; e.g., Witterstatter(2008), Walker (2004), Johnson (1996), Kolzer (1995) and Meyer-Hentschel (1986)--also see chaptertwo. Finally, Kohlbacher and Herstatt (2008) are of the opinion that the market of seniors--irrespective of age--can also be split into the groups "Pre-Retirement" and "Post-Retirement". This isbased on Engel's definition (2008) mentioned above, which calls retirement a "turning point",thereby clearly defining retirement age as the separator for age (see section two: DefiningMarketing to the senior citizens).

4. Review of the Literature

Marketing to senior citizen is still a young subject (Kalbermatten, 2008; Senf; 2008; Reidl, 2007;Hunke and Gestner, 2006). This short review of some of the relevant literature on senior citizenmarketing will show the development, importance, and impact of this young marketing method,which can help businesses effectively sell their products to the silver-haired segment of thepopulation.

The fairly young senior-citizen-marketing field has only developed in the last forty years or so, withever more research papers being published in books, marketing-related and academic periodicals(Senf, 2008). Following the literature, U.S. demographers began to chart a growing population trendin the 1960s: The senior citizen market, defined as those 65+, which would begin to grow at a fasterpace than ever experienced before. Because of increasing life spans and their buying power BuyingPower

The money an investor has available to buy securities. In a margin account, the buying power is thetotal cash held in the brokerage account plus maximum margin available.

Also referred to as "Excess Equity. , the elderly were predicted to become a major force in terms ofsize in the U.S. marketplace. This recognition of the growing elderly population led to a number ofcalls for research to estimate the size and character of the elderly segment, for example Goeldnerand Munn (1964) and Morse (1964).

In the 1970s, marketers and consumer behaviourists began to show interest in the aged market, forexample Samli and Palubinskas (1972), Mason and Smith (1974), Klippel (1974), Reinecke (1975),

Bernhardt and Kinnear (1975), Towle and Martin (1976); Gelb (1978) and Deshpande and Krishnan(1979).

In the 1980s, many companies and agencies also dealt with the senior growth market. Consequently,more and more books, essays and articles were published on demographic change and marketing tosenior citizens as the target group of older consumers presented itself as the only groupdemonstrating solid growth, for example Allan (1981), Bivins (1984), Lazer (1986), Sherman andForman (1988) and Schewe (1988).

In the past twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certainfacts, and after such a time, the party against whom the presumption has been raised, will berequired to prove a negative to establish his rights.

2. , a huge number of primary and secondary research studies have attempted to describethe increasing size and buying power that the elderly consumer segment will become in the future,for example Blisard and Blaylock (1994), Gruner + Jahr Gruner + Jahr GmbH & Co. KG is the largestEuropean printing and publishing firm. Its headquarters is in Baumwall, Hamburg, Germany. History

Originally founded on Aug 1, 1948 as the Henri Nannen publishing house, Gruner + Jahr wascreated in 1965 from a merger by (1996), Hartl-Kasulke (1998), Waddell (2005), GfK (2005), PwC(2006), Bauer Media (2007), Reidl, (2007), DIW DIW Deutsches Institut fr Wirtschaftsforschung,Berlin (German institute for economic research)

DIW Deionized Water

DIW Dead In the Water

DIW Defensive Information Warfare

DIW Direct Inside Wire (phone) (2007), Meyer-Hentschel and Meyer-Hentschel (2008), GfK(2008a, 2008b) and TNS/Commeizbank (2009)

5. Position of Seniors in the Economy

The generation of seniors will become the most significant target and consumer group of the comingdecades, as it is considered the richest generation in the world (Peterz, 2003). Science and practicalexperience agree that the senior target group is one of the most different target groups, however(Schrader, 1998). In order to be able to understand the enormous economic power of seniors to itsfull extent, we shall now take another brief look at demographic change.

Demographic change

Demographic development can be reduced to a common denominator common denominator

n.

1. Mathematics A quantity into which all the denominators of a set of fractions may be dividedwithout a remainder.

2. A commonly shared theme or trait. : Fewer people, fewer consumers, fewer young, more old(Meyer-Hentschel, 2008b; Kohlbacher and Herstatt; 2008; Lienhard, 2006; Hunke and Gestner,

2006; Wodok, 2004; Wallace, 1999 2. In 2000, for instance, roughly 600 million people globally were60 years and older (Michaels, 2003). In 2025, this figure will have doubled to 1.2 billion people, andthe WHO expects more than 2 billion 60-plus by 2050. This would make every fifth person 60 yearsor older (WHO, 2010). In order to meet the challenges of a population ever increasing in age, the UNGeneral Meeting even announced 1999 as the "International Year of Seniors" (UNO, 1999).

Presumably presumable

adj.

That can be presumed or taken for granted; reasonable as a supposition: presumable causes of thedisaster. , Europe will be most affected by this process of aging (Wodok, 2004, Heigl and Mai, 1998).The proportion of older people will grow from 20 percent in 1998 to 35 percent in 2050. Every thirdperson will be more than 60 years old (UNO, 1999). Especially the Eastern European developing andemerging nations will have a higher proportion of older people (Meyer-Hentschel, 2008b;Kohlbacher and Herstatt, 2008; Boyer King, 2004). But in Russia, Australia and many countries,aging societies will also be perceivable. For instance, the number of Australians aged 65 and overwill nearly double by the year 2020 (ABC Net, 1999). This age development is even more extreme inJapan, which is why Japan can often be regarded as a forerunner A family of ATM adapters fromMarconi (formerly Fore Systems). See Marconi. in marketing to seniors (TNS/Commerzbank, 2009;Gassmann and Reepmeyer, 2006; Conrad and Gerling, 2004). In 2010, those age 50 and over makeup half of the overall population. The number of people age 65 and over will increase from 18.5percent to 35.6 percent in 2050. In 2015, the Japanese will on average live to an average age of87.5. Five percent of the Japanese population will then be more than 100 years old (Kohlbacher andHerstatt, 2008; Wicher, 2007; Conrad and Gerling, 2005). In the future, however, the People'sRepublic of China will be the largest senior market in the world. The strict Chinese policy on familieshas led to a significant reduction in the birth rate, resulting in the proportion of seniors (65-plus) inChina doubling by 2027, from today's 7 percent to 14 percent (Meyer-Hentschel and Meyer-Hentschel, 2009).

After Japan, Germany already has the second oldest population in the world: The average age is 43.9years (WHO, 2010; Wicher, 2007). And since Germany's population is not growing, this aging ismore dramatic than in other countries (Klingholz, Klingholz and Medicus, 2006; Wodok, 2004;Gaede, 2004). Whereas 82 million people live in Germany at the moment, this will be reduced tobetween 65 and 70 million in 2060, falling back to levels in the 1950s (Wodok, 2004). The proportionof younger consumers is also falling continuously, with that of older consumers strongly on theincrease (TNS/Commerzbank, 2009). In 2015, every fifth German will be more than 65 years old. By2060, the proportion of 65-plus will rise to roughly 34 percent. Today, more than half of thepopulation of Germany is more than 49 years old. This aging process is particularly apparent in thenumber of old-old. In 2008, there were roughly 4 million 80-plus in Germany, making up roughly 5percent of the population. Their numbers are increasing continuously and will reach the highestvalue so far of 1 0 million in 2050 (Statistisches Bundesamt, 2009; Reader's Digest Deutschland,2006). Of all the countries in Europe, Germany's society is aging most quickly (Bauer Media, 2007).

What is also interesting is the fact that the USA is slightly distancing itself from this demographicdevelopment (Meyer-Hentschel, 2008b; Allan, 1981). Whereas European countries are combatingsinking birth rates and a decrease in their populations (Strauch, 2008; Pipes, 2004), the populationof the USA of currently 300 million is expected to continue rising according to the US CensusBureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking thecensus; provides demographic information and analyses about the population of the United States

Bureau of the Census , reaching roughly 450 million by 2050 (MeyerHentschel, 2008b). Between2000 and 2004 the Afro-American and AsianAmerican sections of the population accounted for 29percent of the USA's total population growth. In addition to a high immigrationimmigration, entrance of a person (an alien) into a new country for the purpose of establishingpermanent residence. Motives for immigration, like those for migration generally, are ofteneconomic, although religious or political factors may be very important. rate, the high birth rateamongst the Black Americans (average fertility rate Noun 1. fertility rate - the ratio of live births inan area to the population of that area; expressed per 1000 population per year

birth rate, birthrate, fertility, natality of 2.0) is a further significant factor in the demographicdevelopment of the USA. In spite of this population growth, the proportion of seniors in the USA isstill expected to increase considerably. Between the years 2005 and 2030, the senior market (age 60and over) will grow by 81 percent, while the remaining adult market (18-59 years of age) will growby only 7 percent (SMU, 2009; Pepper Institute on Aging & Public Policy, 2007).

Economic power

The 50-plus generation will be the most important target and consumer group of the coming decadesbecause it is independent financially and in terms of time (Peterz, 2003). It is regarded as the richestgeneration in the world (Engel, 2008; Strauch, 2008; Meyer-Hentschel, 2008b; Reidl, 2007;Lienhard, 2006; Mohr and Wodok, 2006; Haimann, 2005; Verheugen, 2004; Wodok, 2004; Kirschkirsch

n.

A colorless brandy made from the fermented juice of cherries.

[French, short for German Kirschwasser; see kirschwasser. , 2003). Many studies demonstrate this(Reader's Digest Deutschland, 2006; GREY, 2005). According to a study by the German Institute forEconomic Research The German Institute for Economic Research, German Deutsches Institut frWirtschaftsforschung (DIW Berlin) is one of the leading research institutes in Germany. It is anindependent, non-profit academic institution which is involved in basic research and policy advice. (DIW), for instance, private consumer spending Consumer demand or consumption is also knownas personal consumption expenditure. It is the largest part of aggregate demand or effective demandat the macroeconomic level. of households in Germany was highest for 50- to 60year-olds, withEUR EUR

In currencies, this is the abbreviation for the Euro.

Notes:

The currency market, also known as the Foreign Exchange market, is the largest financial market inthe world, with a daily average volume of over US $1 trillion.

2,564 in 2003. And the households of 60- to 65-yearolds also spent an above-average amount ofEUR 2,317 compared to the average in the Federal Republic of Germany, which was EUR 2,177 permonth for each household (DIW, 2007). The 50-plus also leads in terms of disposable incomedisposable income

Portion of an individual's income over which the recipient has complete discretion. To assessdisposable income, it is necessary to determine total income, including not only wages and salaries,

interest and dividend payments, and business profits, but also

. According to DIW, the age group of 50- to 60-year-olds in Germany has the largest income permonth of EUR 3,530. And according to the purchasing power Purchasing Power

1. The value of a currency expressed in terms of the amount of goods or services that one unit ofmoney can buy. Purchasing power is important because, all else being equal, inflation decreases theamount of goods or services you'd be able to purchase.

2.

study by the Consumer Research Association (GfK) from 2008, 40- to 49-year-olds have the highestpurchasing power of EUR 368 billion a year, following by the EUR 339 billion of seniors above 65.Germans aged between 50 and 59 still have a purchasing power of a respectable EUR 272 billion peryear (GfK, 2008a). In Japan, those aged between 60 and 69 have average assets of an equivalent ofEUR 100,000 per household, thus constituting the top group of all age groups, closely following bythose aged 70 and above. Many of Japan's seniors are financially so well off that they are referred toas rojin kizoku, the "old aristocracy aristocracy (?r'?st?k`r?s?) [Gr.,=rule by the best], in politicalscience, government by a social elite. In the West the political concept of aristocracy derives fromPlato's formulation in the Republic. " (Kohlbacher and Herstatt, 2008). And Americans aged 50 andolder control 70 percent of all disposable income. This consumer group earns more than $2 trillionOne thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. Seespace/time.

(mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed.

In the USA and Canada, 10^12.

in annual income and owns more than 77 percent of all financial assets Financial assets

Claims on real assets.

in the U.S. (Pepper Institute on Aging & Public Policy, 2007).

In comparison, the picture looks quite different for the younger age groups. Their numbers arereducing and they have less money. They either have insufficient income or expenditure for theirfamilies limit their financial mobility (GREY, 2005)

Given their bigger economic power and the large market potential of seniors, it is not surprising thatthe interest of the economy in target groups 50-plus is noticeably on the increase (Knob, 2007;Pepper Institute on Aging & Public Policy, 2007; Lienhard, 2006; Haimann, 2005; Etrilard, 2004;Holper, 2002; Reitzler, 2001; Hartl-Kasulke, 1998; Kolzer, 1995; Sherman and Forman, 1988;Meyer-Hentschel, 1986), even though in 2005, Capgemini's study still showed that 34 percent ofrespondents consider the demographic development to be negative for business development, withonly eleven percent considering an aging population to provide positive impulses (Capgemini, 2005).And looking at advertising agencies, a study by PricewaterhouseCoopers (PwC) shows that only athird of them have so far focused on the 50-plus generation (PwC, 2006).

By now, more and more companies are beginning to realise that older consumers should be includedin their marketing considerations and that they should offer products and services specificallytargeted at older people (Etrillard, 2007; Hoffmann-Kramer, 2007; Mohr and Wodok, 2006;

Gassmann and Reepmeyer, 2006). At the end of 2003, for instance, 85 percent of Swiss companiesThis is a list of Swiss companies, currently active and former ones:

: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z See also External links

A

Adriatica PR&A Watch Co Sagl

Asea Brown Boveri (ABB)

ACM Forex

Adecco

questioned in a study regarded it as important to align align ( l?n),

v to move the teeth into their proper positions to conform to the line of occlusion. products to thespecial requirements of the older generation. 59 percent of companies even expected age-relatedproducts to produce average or above-average growth (Gassmann and Reepmeyer, 2006). Accordingto a current study by TNS/Commerzbank, 65 percent of German companies can already feel theeffects of an increased life expectancy Life Expectancy

1. The age until which a person is expected to live.

2. The remaining number of years an individual is expected to live, based on IRS issued lifeexpectancy tables.

in their sales markets and respond to them with appropriate offers. Above all, they intend to adjust(59 percent) or extend (58 percent) their existing product range. They also often adapt theircustomer approach to the changed target groups (52 percent). Retailers are particularly active inthis respect (67 percent). By using increased communication, they are attempting to bolster Thisarticle is about the pillow called a bolster. For other meanings of the word "bolster", see bolster(disambiguation).

A bolster (etymology: Middle English, derived from Old English, and before that the Germanic wordbulgstraz

regressing sales. Nevertheless, the development of age-specific products remains an exception at29 percent (TNS/Commerzbank, 2009). However, in 2009, this is exactly what the federalgovernment is asking German companies to do with its initiative "Economic factor 'The old'",promoting the design of specific products and services for the older target group (BMFSFJ BMFSFJBundesministerium fr Familie, Senioren, Frauen Und Jugend (German: Federal Ministry forFamily, Seniors, Women and Youth) , 2009).

Nonetheless, not every company will profit from and be successful on the growing senior market(Ramme, Ullrich, Matzner and Smaluhn, 2008; Gassmann and Reepmeyer, 2006). According toTNS/Commerzbank (2009), 25 percent of companies will even suffer a reduction in their sales due tothe aging population. Comparing industries, we must expect the retail and construction industries tosuffer from a reduction in sales (Wodok, 2004). Senior citizens are also not a simple customer groupsimply handing over its money (Neundorfer, 2008; Hanser, 2006; Rutishauser, 2005; Peterz, 2003;

Schrader, 1998). This means that an intense focus on the particularities of seniors is certainlyjustified (Meyer-Hentschel, 2008b). The more familiar you are with the older target group, the easierit is to service them (Maas and Erbsloh, 2007; Elrilard, 2004; Walker, 2004; Underhill, 2000).

6. The Difference in Marketing to Seniors

A traditional belief has it that wisdom comes with age. It is not necessarily true that older people arewiser than younger ones, as is confirmed in scientific articles. According to scientific research,wisdom does not automatically come with age (Gliick, Bluck, Baron and Mcadams, 2008; Baltes andStaudinger, 2000; Staudinger, 1999). Life experience may however, bring one closer to this virtue.In addition, "wisdom" is rather difficult to grasp, and cannot be measured like an IQ. Seniors alsotend to have more available time to make their purchase decisions. They are life-savvy and, for themost part, research well. They will ask questions before making a purchase--sometimes many, many,many questions (Meyer, 2008; Reidl, 2007; Boyer King, 2004; Sherman and Forman, 1988).

In addition, customers of the 50-plus generation can be described as follows: They are independentfinancially and in terms of time, they are well informed and distrustful distrustful

adj.

Feeling or showing doubt.

distrust fully adv.

distrust (Strauch, 2008; Pepper Institute on Aging & Public Policy, 2007; Hupp, 2000; Schwenk,1995). They expect comfort and competence and want offers to be simple (Meyer-Hentschel, 2008b).In addition, they look for authenticity The correct attribution of origin such as the authorship of an e-mail message or the correct description of information such as a data field that is properly named.Authenticity is one of the six fundamental components of information security (see ParkerianHexad). . The older generation is also very experienced in the field of consumption, which is whyIHK (2008) also calls them "... true buying professionals." who also want to be treated accordingly.Martin (2004) emphasizes: Older consumers "want to be acknowledged and taken seriously ascompetent customers; behaviour towards them must not be characterised by prejudices and cliches".They are particularly critical and self-confident, and respond to product promises very carefully(Conrad and Gerling, 2004). Finally, older people are very marketoriented. Whereas younger targetgroups can be swayed sway

v. swayed, swaying, sways

v.intr.

1. To swing back and forth or to and fro. See Synonyms at swing.

2. by discounts, offers and permanently lower prices, the 60-plus generation prefers quality andbrands (Meyer, 2008; Wild, 2008; Strauch, 2008; Bihler, 2008; Opaschowski, 2008; IHK, 2008;Feige, 2006; Martin; 2004; Boyer King, 2004).

The VA consumer analysis 2006 also confirms the growing importance of quality and brand to best-agers (which is one of the names given to seniors in the literature). According to this, 42 percent of50- to 64-year-olds pay more attention to the brand than the price and 66 percent are happy tospend more for quality (VA, 2006). It is important, however, to keep in mind that older people might

be aware of brands but that they do not necessarily stick to a single brand throughout their lives(IHK, 2008). In 2002, the study "50-plus" of the Consumer Research Association GfK already showedthat the 50-plus generation is also happy to try new products and brands. This applies to nearly halfof the 70-plus generation (GfK, 2002).

There is another point that further sets the senior market apart from others. More so than in anyother adult market, seniors are likely to have others involved in their purchasing decision-making.Some studies in the independent living industry, for example, have shown that from age 75, jointdecision-making steadily increases to over 80 percent of the time. These third-party candidates arespouses, family members, neighbours This article is about an Australian soap opera. For otherarticles with similar names, see Neighbours (disambiguation).

Neighbours is a long-running Australian soap opera, which began its run in March 1985. andfriends, other caregivers (companions, home health aides) and professionals (doctors, financialadvisors, lawyers, trust officers and sometimes clergy) (Walker, 2005; Walker 2004).

This is contrasted by the fact that customers aged around 60 can themselves be so-called 4-generation buyers. They not only buy for themselves but also for their children, grandchildren andsometimes even for their own parents (Reidl, 2007). This large cross-selling potential also makesthem into the most interesting customers in terms of marketing around at the moment (Knob, 2007;Lienhard, 2006; Haimann, 2005; Etrillard, 2004; Holper, 2002; Reitzler, 2001; Hartl-Kasulke, 1998;Kolzer, 1995; Sherman and Forman, 1988; Meyer-Hentschel, 1986).

Regarding advertising, however, companies should be careful and--at least in Germany--not toaddress the old generation as "seniors" (IHK, 2008; Fosken 2007; Gassmann and Reepmeyer, 2006;Schiitte, 2006; Feige, 2006; GREY, 2005; Conrad and Gerling, 2004; Peterz, 2003; Hartl-Kasulke,1998; Meyer-Hentschel, 1986). In North America North America, third largest continent (1990 est.pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of theWestern Hemisphere. , on the other hand, the term "senior" can often be found in advertising texts.In English, its meaning is slightly different to that in German. It is contrasted with "junior", therebyexpressing life experience. In German, on the other hand, it has a negative connotationconnotation

n.

1. The act or process of connoting.

2.

a. An idea or meaning suggested by or associated with a word or thing: , because there are manynegative characteristics that have defined and simplified the image Germans often have of theirseniors (Kalbermann, 2008). Synonyms, terms with more positive associations such as Master-Consumer, Best Ager, Woopies (well-off older people), Wollies (well income old leisure people), BabyBoomer baby boomer also baby-boomer

n.

A member of a baby-boom generation.

Noun 1. baby boomer - a member of the baby boom generation in the 1950s; "they expanded theschools for a generation of baby boomers"

boomer , Midager, Generation Gold, Empty Nesters, Yollies (young old leisure living people), SilverAger, Future Seniors, Selpies (second life people), Senior Dings, Grampies (growing retired activemoneyed people in an excellent state), Harvest Agers, Grumpies (frown-up mature people) or Busy-Fit-Oldies are also not properly suitable to address the older target group (TNS/Commerzbank,2009; Neundorfer, 2008; Martin, 2004; Lewis, 1997; Benet, Pitts and LaTour, 1993; Auer, Horrionand Kalweit, 1989), because, according to Meyer (2008), these descriptions of the target group tendto be approached in a reserved manner, showing little appreciation. As a result, it is not surprisingthat according to GREY, (2005), 31 percent of older people feel that advertising does not take themseriously or devalues them.

Such new word coinings were also applied to a consistently younger target group (Hoffmann-Kramer, 2007). Whereas at the start of marketing to seniors, only customers above 65 wereregarded as the target segment, the age limit became lower and lower; e.g., 50-plus, 45-plus or even40-plus (KarstadtQuelle Versicherungen, 2009; Ramme, Ullrich, Matzner and Smaluhn, 2008; IHK,2008; Dobbelstein and Pflaum, 2007; Reader's Digest Deutschland, 2006; Feige, 2006; Verheugen,2004; Kirch, 2003; Barak and Stern, 1985).

7. Growth Markets for Marketing to Seniors

Demographic change alters the world of consumers and marketing (Wodok, 2004). It will not onlychange the rules in many industries but also shift market structures and market shares (brand eins,2009; Klausch, 2008). It is obvious that traditional products and services for seniors can massivelyprofit from demographic change (Lienhard, 2006). Age-specific spending will noticeably increase inthe future (Rutishauser, 2005). Goods and services with significant growth potential include, e.g.,travel, health, toiletries toiletry

n. pl. toiletries

An article, such as toothpaste or a hairbrush, used in personal grooming or dressing.

toiletries npl -> artculos mpl de aseo (= , beauty, wellness, banks, insurance, technology,products for the home, education, entertainment and automobiles (Meyer-Hentschel and Meyer-Hentschel, 2009; Wahl, 2008; Kalbermatten, 2008; Ramme, Ullrich, Matzner and Smaluhn, 2008;Reidl, 2007; Pepper Institute on Aging & Public Policy, 2007; Feige, 2006; GREY, 2005; Martin,2004; Lohmann and Danielson, 2001). Of these growth industries that can be expected to profit fromthe demographic change, two will be presented here by way of example ("Banks and insurance" and"Automobiles"). The focus will primarily be on Germany as the Federal Republic is the fastest-agingsociety in Europe and because the country currently already has the second oldest population in theworld.

Banks and Insurances

There has been no other time in Europe or the USA in which as much money was inherited inherited

received by inheritance.

inherited achondroplastic dwarfism

see achondroplastic dwarfism.

inherited combined immunodeficiency

see combined immune deficiency syndrome (disease).

and paid by insurance as is the case now and will be in the coming years. In the Federal Republicof Germany alone, the German Institute for Old-Age Provisions (Deutsches Institut firAltersvorsorge) expects an overall volume of inheritance (money, real estate and consumptionassets) of EUR 2.3 trillion involving roughly 1 0.8 million inheritance cases between 2006 and 2015.Roughly EUR 1,000 billion of this relates to the period between 2006 and 2010, whereas volumesare expected to increase to EUR 1,300 billion in the period from 2011 to 2015. Inherited monetaryassets which are particularly relevant to banks and insurance companies are expected to amount toroughly EUR 470 billion and EUR 640 billion respectively. In the last 1 5 years, the average value ofan inheritance in Germany has more than doubled. In 1990, the average was EUR 102,000; in 1996this was already EUR 129,700. Currently, EUR 250,000 can be expected (Finke, 2005).

According to the results of TdW Intermedia Intermedia - A hypertext system developed by a researchgroup at IRIS (Brown University). 2003/2004, 47.4 percent of the German population are currentor potential heirs. 14.3 million Germans have already inherited. Three out of four heirs are between44 and 65 years old, with every other heir being between 50 and 62 years. Never before in thehistory of the Federal Republic of Germany has the older generation amassed such wealth. Overallinheritances worth EUR 2,8 trillion can be expected by 2015. Payments from life insurance of EUR25 billion a year also have a positive effect (Focus, 2004). This makes it even more surprising that,according to Martin (2004), "... banks do not offer customer relations or customer loyaltyprogrammes [for this promising customer segment] to a noteworthy extent ..."

The transfer of large monetary assets to the next generation opens up entirely new businessopportunities for banks and financial services The examples and perspective in this article or sectionmay not represent a worldwide view of the subject.

Please [ improve this article] or discuss the issue on the talk page. (Kofidou, 2008, Meyer-Hentschel, 2008b; Maas and Erbsloh, 2007; GREY, 2005; Wodok, 2004; Martin, 2004). According toTdW Intermedia 2003/2004, 60 percent of potential heirs expect capital assets capital assets n.equipment, property, and funds owned by a business. (See: capital, capital account) in the form ofmoney or securities (Focus, 2004). In a study from 2005, ICON ADDED VALUE Added value infinancial analysis of shares is to be distinguished from value added. Used as a measure ofshareholder value, calculated using the formula:

Added Value = Sales - Purchases - Labour Costs - Capital Costs

calculated a financial services potential of 1 3 million people between 50 and 85. 63 percent ofthese require short-term planning of one to two years, with 53 percent looking for even shorterinvestments (Szallies, 2007).

Automobiles

Demographic change will be a challenge for the automobile industry automobile industry, thebusiness of producing and selling self-powered vehicles, including passenger cars, trucks, farmequipment, and other commercial vehicles. in every way (Meyer, 2008; Wahl, 2008; Krause, 2007;GREY, 2005; Wodok, 2004; Martin, 2004). On the one hand, global demand will continue to rise by2020, 70 million new vehicles will be sold globally (2005: 61 million). But customer structures andbuyer groups will shift noticeably. Moreover, sales markets will even shrink in some countries, suchas Germany (TNS/Commerzbank, 2009). In Germany, the automobile market will reduce by 2015 to3.25 million new registrations (2006: 3.4 million). Older people also have the highest number of

passenger vehicles. By 2015, the proportion of car owners in the 60-plus generation will increasefrom 23 to 30 percent. 34 percent of all buyers of new private vehicles belong to this age group. Thedevelopment is reversed for younger generations: The proportion of 30- to 39-year-olds purchasingnew cars will drop from 24 to 20 percent. And there is a reduction from 21 to 16 percent for 20- to29-year-olds (Reidl, 2007). As a result, the success of car manufacturers will be more strongly basedon sales success to older buyers. In addition, older people want neither boring cars nor special carsfor seniors. Especially as concerns vehicles in the higher price segment (e.g., Audi, BWM BWMBallast Water Management

BWM Baptist World Mission

BWM Bandwidth Manager

BWM Block-Write Mode

BWM Bureau of Waste Management

BWM Broadcast Warning Message

BWM Backward-Wave Magnetron

BWM Bisexual White Male , Mercedes, Porsche), older customers are already a strong and thereforeimportant group of buyers (Meyer, 2008; Kofidou, 2008; Krause, 2007; Peterz, 2003). U.S. seniorspurchase more than 40 percent of all new cars and over 80 percent of luxury new cars (PepperInstitute on Aging & Public Policy, 2007).

The industries presented here as examples illustrate the many options and opportunities for oureconomy provided by an increase in the number of older people. In fact, older citizens are becomingan increasingly important driver for company success in many industries. Travel, automobiles, banksor pharmaceuticals--the aging population will certainly affect all developed societies(TNS/Commerzbank, 2009; Kohlbacher and Herstatt, 2008; IHK, 2008; Klausch, 2008; Klebl, 2007;Knob, 2007; Pepper Institute on Aging & Public Policy, 2007; Gassmann and Reepmeyer, 2006; PwC,2006; GREY, 2005; Wodok, 2004; Choi and Dinse, 1998; Gaube, 1994).

8. Seniors are an Internet Market

It is hardly possible to imagine the everyday media experience of Internet users above 55 withoutthe Internet (Pencun, 2005, Ochel, 2003). The current "Silver Surfer" report, which was part of the"Mediascope Europe" study and published by the European Interactive Advertising Association(EIAA EIAA European Interactive Advertising Association ), also confirmed this. For Europe, theresults show that a quarter of Internet users from the 55-plus generation questioned regularly surfsthe net (Germany: 24 percent). They spend an average of 8.8 hours a week online (Germany: 7hours). Apart from web research using search engines (Europe: 83 percent, Germany: 88 percent)and email communication (Europe: 83 percent, Germany: 87 percent), communication with otherInternet users in forums (Europe: 1 7 percent, Germany: 23 percent), downloading music (Europe: 15 percent, Germany: 1 7 percent) and making calls via the Internet (Europe: 1 4 percent, Germany: 16 percent) are particularly popular with European Internet users over 55 (EIAA, 2007). According tothe ARD/ZDF online study 2009, German Internet users over 50 spend 97 minutes a day online,whereas 14- to 29-year-olds spend 180 minutes online (ARD/ZDF, 2009). According to the PepperInstitute on Aging & Public Policy (2007), U. S. seniors spend more time online than teenagers.

Regarding the number of Internet users, there have also been clear developments for the 50-plusgeneration. In 2000, senior citizens may comprise less that 10 percent of the total Internetpopulation, but they're the second fastest growing group online (behind teens), and they've got themoney to spend and time in which to spend it. Whereas, e.g., in Germany, 15.6 percent of the 50-plus generation were online in 2001, 33.7 percent were online in 2006 and 44.9 percent in 2009.Half of the 50-plus generation is now online, and we can assume that this proportion will continue togrow. For 14- to 19-year-olds, the full potential has mostly been reached, whereas for those of 60and older, there is significant growth potential for the next years. Internet usage may be increasingfor all age groups, but the largest increase is apparent for 60- to 69-year-olds ((N)onliner-Atlas2009). According to the ARD-/ZDF online study 2009, more older people (60 and older) are onlinethan people under 20 (ARD/ZDF, 2009). (3)

In general, older consumers take buying online for granted: Whereas in 2006, a study found thatonly 28 percent of 56- to 65-year-old Internet user Internet user n -> internauta m/f

Internet user Internet n -> internaute m/f made purchases online, the number has now risen to40 percent. This increase is even more extreme for 66- to 70-year-olds: from 22 percent in 2006 to43 percent in 2009 (KarstadtQuelle Versicherungen, 2009). Nowadays, seniors order an above-average number of products online; e.g., books, clothing, holidays, shoes, computer accessories,electronic items, flowers and presents (van Baal and Graune, 2007). U.S.-seniors spend over $7billion online (Pepper Institute on Aging & Public Policy, 2007). German Internet users above 55may only be buying five and hence half as many items online as average Internet users in Europe,but the products tend to have significantly higher prices (EIAA, 2007).

Internet usage will also increase in the 50-plus age group because the advantages of obtaininginformation quickly via the Internet and of quick and cheap communication via email have alsoconvinced the older generation (ARD/ZDF, 2009; Strauch, 2008; van Baal, 2007; van Baal andGraune 2007). "This means that the Internet can also increasingly be used as a marketing tool forolder generations...." (Berghaus, 2006).

9. Conclusions and Future Research

Demographic change is a revolution for marketing because the aging society will change the worldof consumers and marketing across the globe (Knob, 2007; Gassmann and Reepmeyer, 2006;Lienhard, 2006; Wodok, 2004; Martin, 2004). Initially, many countries regarded this aging processas a catastrophe, whereas companies are now starting to view it as an opportunity (Neundorfer,2008; Kalbermatten, 2008; Etrillard, 2007; GREY, 2005; Gaube, 1994). In marketing, we are onlynow facing a senior boom; the Age Wave, as Dychtwald (2010) puts it. The learning about age hasonly just begun. In this sense, age is still young, its market and marketing potential have not beenfully developed and are largely unexploited (Engel, 2008; Kohlbacher and Herstatt, 2008; IHK, 2008;Baltes and MittelstraB, 1992).

Marketing need not, however, be reinvented entirely. Instead, it is essential to apply existingmarketing knowledge to the older target groups, to identify generation-specific particularities and toutilise cross-generational opportunities (TNS/Commerzbank, 2009; Kofidou, 2008; Neundorfer,2008; Feige, 2006; GREY, 2005; Reitzler, 2001; Kolzer, 1995; Moschis, 1992). It is also important toinvestigate the usual marketing routes regarding their relevance to age and above all regardingtheir mode of action (Nufer and Oexte, 2010; Meyer; 2008; Kalbermatten, 2008; Berghaus, 2006;Niejahr, 2004; Kirsch, 2003; Brunner, 1998; Benet, Pitts and LaTour, 1993).

In order to allow demographic change to provide benefits for all generations, senior marketing must

in the future intensively deal with the following research questions:

* What are the effects of the demographic change on future marketing and communicationstrategies?

* Where could changes take place in the consumer behaviour of older buyers?

* What distribution channels are appropriate for older people?

* What should the range of products and services be like in the future?

* What are future customer segments?

* What are the value-creating and business models of the future?

* What are the lifestyles of the 50-, 60- or 70-plus generation?

* What lifestyle types become apparent in the future?

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[French, modern, from Old French; see modern.]

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