Tuesday, February 21, 2012

No. 6: The senior market is growing rapidly with the progress of the aging society (February 22, 2012)

Consumer behavior
With the progress of aging of population, the annual consumption expenditure of the senior generation (older than 60) increased 2.4% over the preceding year to exceed 100 trillion yen in 2011 for the first time in history in Japan. It accounted for as much as 44% of total consumer spending in 2011, reflecting tireless consumer spirits of the senior generation. Travel agencies responded quickly to this trend. Kinki NihonTourist launched a travel pack exclusively for couples of the senior generation, and H.I.S. started a service to set people above 65 free from cancel charge on a certain conditions.

Fitness centers added another service to the regular menu. Central Sports that has a network of 160 fitness centers across the country set up a day service facility to provide seniors in need of mild nursing care with training using Tablet PCs to prevent mental deterioration. Although members in their 20s and 30s decrease visiting frequency, members above 50s stay almost the same in visiting frequency. KidZania that offers services to let children have the same experiences as adults introduce a new fee structure. Visitors above 60 can ride as many attractions as they want for 5,200 yen per day, 500 yen lower than for adults, to allow them to enjoy attractions with their grandchildren. It has become rather critical for companies concerned to analyze the consumption behavior of the senior generation.

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