Generation M, where ‘M’ stands for Mature, understood people over 60, and is an important segment that cannot be stereotyped. According to an exploratory study by Jasravee Kaur, partner at Master Sun Consulting, Generation M has radically different needs and aspirations that must be leveraged by marketers, advertisers, and entrepreneurs.
The study estimates that the segment has around 73 million people, which will triple in 50 years. He says that although it is already a very important niche, it will become more and more important as India ages.
At present, the generation size is around eight percent of India’s population, with 73 million people over 60 in urban India over 60, and of these around 50 percent. they are financially independent. The segment is expected to triple in the next 50 years, making it important to study and understand the needs of the emerging segment.
A segment that cannot be stereotyped, Gen M is not just a qualitatively different niche.
Contrary to stereotypes, much of Gen M is financially sound with limited or no responsibilities (read high purchasing power). This is supported by a trend of more and more older people signing up for the job board, as reported by the Indian Ministry of Labor report and the survey conducted by HSBC in October 2007.
Today, older people have greater savings and are increasingly open to investing in medium risk instruments such as mutual funds. HSBC’s Future of Retirement Survey dispels the myth that this segment is a burden on society.
Interestingly, the contribution of the elderly to the income tax department is 8.5 billion rupees, of which 1.6 billion rupees correspond to voluntary work. He found that Gen M, rather than passive and withdrawn, are becoming increasingly media savvy.
Television and press consumption is high among the elderly and the intensity of printed material consumption is greater than that of young people. Contrary to popular notion, older people are more alert to changes and stimuli from the outside world.
The study notes that Gen M is spending a lot, and not just on rubs / balms / anti-aging products. Savvy marketers like Himalaya Chyawanprash, Pfizer, and SBI are connecting with older people by connecting with a more real person (showing their playful, mischievous and young-at-heart side).
Some of the sectors that are emerging as ’emerging sectors’ in the context of an aging population are:
1. Products and services related to accommodation and hostel. These can be emergency services, security systems, housing / real estate, second residence, etc.
2. Durable consumer products such as refrigerators, ovens, microwave ovens, geysers, washing machines, air conditioners, water purifiers, etc. Jasravee Kaur of Master Sun Consulting feels that “changing social norms and the resulting lifestyle needs are creating a segment of older people who prefer their independence and choose to live apart from their children.”
3. Products and services related to personal care, general care and maintenance cosmetics, anti-aging cosmetics, color cosmetics and other anti-aging products, beauty salons, spas and saunas. Jasravee Kaur notes that “With a second chance at life, the elderly are treading gently and carefully on the ground.” They live by themselves and want to preserve their appearance and stay fit and healthy. Older couples want to feel good about themselves and celebrate their years of union with marriage. ”
4. Wellness products like fortified wheat, protein-related intakes, nutrition-enhancing supplements, and more. Increasing nutrition is a way to be proactively in charge of your life and destiny.
5. Health-related products and services, such as gyms and fitness centers, centers offering alternative therapies and treatments, nutritional supplements, immunity-enhancing supplements and vitamin tablets, devices and equipment related to health monitoring, etc. . The demand for these products is driven by the need to take care of yourself comprehensively and not depend on anyone.
Furthermore, Generation M wants to be mobile and active until the very end. This will trigger proactive spending on positive healthcare (testing, monitoring) rather than curative (treatment, hospitalization). This creates opportunities for wealth management and innovative new products like the reverse mortgage.
A look at Generation M insights from exploratory research
Usually
* A continuum of profiles ranging from a conventional, traditional and conservative personality to an open, calm, exploratory and modern-thinking personality.
* Seek religion as a gateway to peaceful thoughts and contemplation. Jasravee Kaur of Master Sun Consulting observes that “religion is a coping mechanism for dealing with excess time available, and complex / changing role and status in the family.”
* See the youth with amazement, some admiration and envy. Feel the need to earn the respect of the younger generation.
Interests
* Seek active participation and inclusion in all aspects of life. He did not adopt a ‘withdrawal’ mentality of disconnection.
* They seek knowledge about technology and are eager to learn, but fear the inability to operate … resulting in hesitation and distancing.
* Enjoy traveling, watching TV, going out with the family and listening to music.
* Friends are a key interest and influencing factor for a positive state of mind. Jasravee adds that “friends provide an important sounding board for discussing new categories, brands, and influencing brand choice.”
Attitudes towards technology
* Search for information and exploration of technology, newer products, their usefulness and relevance, availability and method of use.
* Greater enthusiasm for wanting to have a mobile phone than a computer. Jasravee Kaur notes “The mobile phone is used suboptimal for voice and SMS, but the new value-added features are attractive with the latest models with camera and download functions.”
* There is a desire and aspiration for computer fluency and guided use and accompanied instruction. Many have attended computer courses and have access to computers at home.
Critical Feelings / Emotions
* Getting out of the house is a great necessity, as it gives the person a sense of purposeful commitment and use of time.
* It is a pride to spend time at work, especially in the business itself.
* Inclined to social work or related activities. Jasravee observes that “this provides the satisfaction of the need for recognition and self-assurance, social power, fear of becoming obsolete, and a sense of ‘giving back’ as a social obligation.”