As sales to traditionally targeted consumer segments have started to plateau, brands need to find growth elsewhere. According to Euromonitor International’s briefing “The Next Billion Consumers”, the elderly segment is an underserved category with enormous spending power. Elderly households alone spent USD107 trillion in 2020, and this will only increase. As the global population of elderly consumers is expected to rise to 1.3 billion in 2040, how should brands target this underserved segment?
This report comes in PPT.
Consumer do not like to be singled out as being elderly, implying the need for special aid. Products that do so may struggle, unless there is a discernible value that is marketed. Instead, a more nuanced approach of labelling standard products as “elderly friendly” has seen success in Japan.
According to the US CDC, 36 million falls by the elderly are reported each year. For the elderly living alone, what happens after a fall will be critical. Non-intrusive monitoring systems allow remote caregivers to respond to falls without intruding on the elderly’s privacy. Some systems even allow the monitoring of meal times, nutrition, activity levels and home parameters.
Eating a balanced diet contributes to physical and mental health; eating meals on time equally so. A smart home platform that can offer advice on a balanced diet, taking into consideration dietary requirements, order groceries and then clean up after the meal will offer significant value for many elderly consumers. We analyse this in depth in our briefing on The Future of Automated Kitchens.
Japan’s population is ageing and shrinking, increasing the need for automated elderly care. This has resulted in the launch of numerous products targeting the elderly, making Japan the proving ground for elderly care products. Products that succeed in Japan can provide the basis for understanding what concepts resonate with the elderly.
The Tesla Bot was announced in 2021. It is positioned to replace people in repetitive tasks, with the vision for the units to serve millions of households in tasks such as cooking, mowing lawns and caring for the elderly. The Xiaomi CyberOne was launched in August 2022 with similar goals. A humanoid robot could become the ultimate caregiver for the elderly.
Consumer Appliances is the aggregation of major appliances and small appliances. Major appliances are an aggregate of the following categories: refrigeration appliances, home laundry appliances, dishwashers, large cooking appliances and microwaves. Small appliances are an aggregation of the following categories: food preparation appliances, small cooking appliances, vacuum cleaners, irons, personal care appliances, heating appliances and air treatment appliances.
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