Are products targeting an older population set for a boom?
|May 22, 2012||Posted by Ashley under Uncategorized|
The following post was submitted by a guest contributor, let’s not forget to factor in changing lifestyle needs when we are calculating how much we should be contributing to our retirement accounts.
As the recession has cast its wake across the UK, industries are now able to survey the post-crisis landscape. Companies, such as Stannah stair lifts, are aware of this and are conscious of the need to adjust their cost to their target clients.
Consumers are not as wealthy as they were just a few years ago and there are very few industries which will not have to adapt in light of this. The changes brought about by the recession are however not all as negative as they often seem in the press. Indeed, there are bound to be a number of profitable endeavours with which to engage as the UK pulls its head out of recession.
Indeed, the breadth and depth of the effects of the financial crisis are not at all uniform – inevitably, some have fared far better than others. One group who have fared relatively well are the retired population. Facing a lesser impact caused by job losses, tax increases and debates about pension contributions, the already retired population has not been quite as exposed.
The effect of this is a relatively strong market for products and services which are aimed at the retired market. As consumers have a greater amount of buying power, broadly speaking, than the younger generation, such industries are now looking to be a steady place for investors to look.
Falling prices in elderly products
The elderly population in the UK is growing rapidly – not only increased by steadily rising birth rates, but also by higher standards of health services and care facilities. As all markets look set to return to their former state, many are still lagging behind the market for goods aimed at an older consumer base.
Sales of products such as stairlift producers and retirement holidays do not look to be as deeply affected as most. On top of continued consumer confidence, a growing market provides companies with a strong outlook for both sales and marketing success.
Investment in products and services for the elderly is rising and we ought not to be surprised by this. A growing market which has remained steady throughout one of the harshest financial climates in recent times is a promising economic environment for those looking for a return on their investments.
The rise of elderly entertainment
Likewise, there are many forms of entertainment available for the older members of society. From public libraries to various social clubs and gatherings, there are many places where today’s older Brits can socialise with like minded people in their age group. Public and private facilities are becoming very affordable for those elders taking advantage of their senior citizen discounts.
The cinema, for instance, can be a fun day out. Thanks to their free time they can avoid the peak times and crowded hours. A senior citizen discount may be restricted to certain times, but this will further insure that you share the experience with similarly aged people.
Additionally, the likes of bingo halls can provide a cheap form of entertainment too. These places charge a small fee but are open throughout the day and evenings. A cheap method of socialising, the additional thrill of potentially winning some money can provide a more than entertaining activity for today’s older population.