Five things you need to know about marketing to silver-haired consumers in China

1 Do not ignore older consumers

The China National Committee on Ageing estimates that by 2015 there will be some 200 million Chinese people over the age of 60, growing to 300 million by 2030. The elderly market cannot therefore be ignored by companies operating in China. 

Companies quick to adapt products and services to meet the needs of older consumers can derive an advantage in developing opportunities in the market. But they need to understand what motivates older people, and how that shapes the way they consume.

2 Security, familiarity and tranquillity

Sixty-three per cent of Chinese retirees surveyed during independent research conducted by Mintel is the strength of concern about illness, healthcare costs (38 per cent), as well as planning for financial and housing security.

These personal security issues strongly shape the way older people consume. Marketing messages focusing on how products or services provide security, familiarity or peace-of-mind will chime well.

3 Sensitivity to their needs

Growing old comes with its own challenges and needs. Increasingly, products and services that present specific benefits for older people, such as preserving health or coping with frailty are finding success in China.

Mintel has also seen increasing numbers of brands broaching sensitive social and health issues that relate to the elderly in China to provide help where needed.

Developing such a social interaction with older consumers is becoming increasingly important in building brand relevance and to stand out from the mass of competing brands in China.

4 Keeping healthy, active and entertained

More positively, Chinese retirees show a strong propensity for keeping active and entertained, and have more money to spend. They are spending more on memories and experiences rather than just possessions.

They are travelling more, taking up hobbies and even starting new careers. Their positive drive to enjoy their retirement presents opportunities to market products and services that fit in with an active lifestyle.

5 Celebrating old age

Much of the media in China’s, like elsewhere, has tended to fixate on youth, luxury and glamour, but in a rapidly aging society marketers can take the initiative to promote more positive ideas about old age, designed to suit their life-stage.

We are already seeing more advertising in China using images of elderly people having fun. Brands in China that celebrate the elderly have the opportunity to stand out from their competitors and enjoy a strong presence in a rapidly growing market.