Saturday, September 29, 2012

No. 8: Increasing presence of the senior generation in the consumer market (September 30, 2012)

Market trend:
Middle-aged and older consumers have been increasing the presence. It is reported that the ratio of shoppers older than 50 years of age increased 3% to 31% in 2011 at Seven-Eleven convenience stores. An increasing number of seniors do shop in a convenience store instead of a supermarket. Seven-Eleven is offering snacks and delis in a smaller package for the sake of senior shoppers. The increase is very notable in the membership of fitness clubs. In a fitness club in Tokyo, members older than 50 accounted for 51.1% of all members, surpassing the 50% mark for the first time.

It is important to take note that the senior generation places more important on quality than price. This can be explained by the growing popularity of premium beers and hybrid vehicles. Traditionally, makers of consumer products have focused on “family” and “youth,” but the situation is changing rather fast because of low birthrate and longevity. An economic research laboratory reckons that total household financial asset is estimated at 1,500 trillion, of which 60% is owned by people older than 60 years of age. Spending by these people was 101 trillion yen in 2011, accounting 44% of personal spending, and it is expected to reach 50% in the near future. Sooner or later, Asian countries will become an aging society. Stay alert. The world is changing very fast.

Seven-eleven stores were indispensable for 
people in the areas damaged by the March 11 disaster. 

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