Yet most companies continue to advertise and design for the young. Global consumer product and service companies should start now to assess, adjust and update their product offerings to reap the benefits of this demographic change.
The report suggests researching the needs of older customers and applauds Ford's dressing of its engineers in a 'Third Age Suit' to simulate the mobility, strength and restricted vision of older consumers.
The suit's lessons have been used to improve car design, including easing vehicle entry and exit. Customer service representatives also need to be trained to appreciate the different needs of ageing consumers.
Wealth with wisdom: serving the needs of ageing consumers
Cabrini Pak and Ajit Kambil
Review by Steve Lodge.