Longevity = Big Business

The demographic of the the world is changing. The face of Reebok in China now is 81-year-old Wang Deshun, being dubbed the hottest Grandad in the world!

According to the WHO, between 2015 and 2030, the number of people in the world aged 60 years or over is projected to grow by 56% to 1.4 billion.  By 2050, the global population of older persons was projected to more than double its size in 2015, reaching nearly 2.1 billion.

Traditional notions of age and ageing are starting to change the way we do business as well.  The McKinsey Global Institute has forecast that 51% of urban consumer growth to 2030 will come from the 60 plus market.

Dr. Kate Jones, lecturer in marketing communications, digital and social media at Auckland University of Technology, says there is evidence to show that older consumers (60 plus) will change their brand preferences and purchasing behaviour if a long-term brand disappoints them or stops meeting their needs.

“People have quite complex relationships with consumer brands, especially for higher-involvement products and services such as technology, travel, or cars, and they will dump these relationships if they feel that “their” brand is treating them badly.”

Jones says that reasons for dropping a brand from someone’s consideration set can be as simple as brand communications ignoring insights about how older consumers perceive themselves.

As older consumers represent 32% of the New Zealand population and control an estimated 65% of disposable income, Dr Jones says businesses should be targeting some of this wealth but because many media agencies and marketing roles are still dominated by people under 40, the mindset that dismisses the older age group as uncool still seems to be entrenched.

Read the full article from StopPress here

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