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Marketing to older American consumers
International Journal of Aging & Human Development
|January 1, 1986
Summary
Senior citizens represent a significant market for American businesses due to their substantial size and income. Understanding their diverse buying behaviors, influenced by age, cohort, and period, is key for effective marketing strategies targeting older adults.
Area of Science:
- Gerontology
- Consumer Behavior
- Marketing Science
Background:
- The aging population represents a growing demographic with significant economic influence.
- Understanding the unique characteristics of older consumers is crucial for businesses.
- Previous research often overlooks the heterogeneity within the older adult market.
Purpose of the Study:
- To examine older adults as a viable market for American businesses.
- To identify the specific buying styles, needs, and behaviors of senior citizens.
- To explore the factors influencing variations in consumer behavior among older adults.
Main Methods:
- Analysis of demographic and economic data related to the senior population.
- Comparative analysis of consumer behavior between older and younger adults.
- Exploration of age, cohort, and period influences on purchasing decisions.
Main Results:
- Older adults constitute a substantial market segment in terms of size and income.
- Significant variations exist in the buying styles, needs, and shopping behaviors within the older adult population.
- Consumer behavior differences are attributed to age, cohort, and period influences.
Conclusions:
- Tailored marketing strategies are necessary to effectively reach the diverse older adult market.
- Businesses must acknowledge and adapt to the unique characteristics of senior consumers.
- Successful marketing requires a nuanced understanding of the influences shaping older adults' purchasing decisions.