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Retailers and manufacturers overlook ageing population, says global survey

Published:  05 October, 2011

Retailers and manufacturers across the globe are failing to meet the specific needs an ageing population, according to global management consulting firm A.T. Kearney.

Retailers and manufacturers across the globe are failing to meet the specific needs an ageing population, according to global management consulting firm A.T. Kearney.

The Global Maturing Consumer study interviewed 3,000 people in 23 countries to find out what mature consumers are looking for in retail stores and from consumer packaged goods manufacturers.

 

A.T. Kearney's report demonstrates that the mature consumer shops very differently from the younger generation.

 

Although most retailers focus on speed and prices competitiveness, mature consumers are more demanding on quality and services, and are less price sensitive.

 

The central idea in modern trade has been to improve efficiency for shoppers through larger stores outside city centers, lots of parking, and short queues are all designed for less frequent, big-basket shopping.

 

However, it says mature consumers, who represent up to 30% of spending power, spend more time in stores.

 

 

Emmanuel Hembert, principal at A.T. Kearney, says ageing may mean a paradigm shift in the design of stores and retail chains as older people look towards personal attention from friendly, talkative cashiers, not speed and smaller stores closer to home.

 

"They want a clear, organized assortment with high-quality products at good prices, not unlimited choice of cheap, average -quality products or quantity-based promotions.

 

"And for the growing number of those who have an internet connection, they go online to get information and buy," she adds.

 

For manufacturers, responding to the aging phenomenon will require a far-reaching re-thinking of product design, particularly in labels and directions, legible prices, and easy-to-open packaging, says the report.

 

Mature consumers will take their time to get informed about dietary information while at the store, so they need easy-to-read information in larger font sizes.

 

Above all, manufacturers will need to work closely with retailers to coordinate an effective response to the aging consumer market.

 

Based on current worldwide demographic trajectories, in five years there will be more people over the age of 60 than under 5; in 30 years, there will be more people over 60 than under 16.

 

www.atkearney.com/matureconsumer

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