With the world’s population rapidly ageing, there are opportunities for brands to better capitalise on this potentially lucrative golden market.
Brands should consider adopting experiential marketing and retail concepts to better engage with older consumers, who are typically more experience-driven than younger consumers, according to GlobalData’s latest Q3 2018 survey results. When given the choice between trying new experiences or new products, 57% of the so-called ‘silent generation,’ or those born between 1925-1945, claimed to find trying experiences more exciting. By contrast, younger generations find trying new products more exciting.
An example of how brands can capitalise on the experiential desires of older consumers is that of Whisky brand Johnnie Walker, which has just opened its first experience store in Madrid. The innovative concept offers tastings, special edition products and virtual experiences that promote the heritage of the brand, enabling the brand to engage directly consumers and ultimately drive purchases.