New consuming class: Teenagers over 60 years
Medical And Lifestyle Mkt of ‘Senagers’ Pegged At 43k Cr
Mumbai: ‘Senagers’ — 60plus seniors, who in a lot of ways behave like teenagers — are a growing consuming class in India. After a good career run of a few decades, today’s urban-centric senagers have a disposable income and are spending, be it on lifestyle products, eating out or investing in financial products.
ACII study on senior consumers has pegged the market for their medical needs and lifestyle products at Rs 43,000 crore. But the potential market size driven by senior citizens is as large as Rs 1,00,000 crore (excluding categories like real estate and pharmacy, along with banking, financial services & insurance, or BFSI). Of this, only Rs 10,000 crore has been tapped so far.
According to the report, the 60+ population forms 25% of the cumulative assets of existing banking deposits, while the available market is a whopping Rs 1,67,000 crore.
In a clear indication that senagers are behaving like teenagers, RPG Group-backed Seniority, a dedicated shopping destination for senior citizens, is clocking an order a minute (around 1,500 in a day with an average order value at Rs 800-900). Seniority co-founder Ayush Agrawal said, “It is easy to assume that 60-70% of our consumers are healthy, apart from a few minor pain points here and there. We have an equal mix of medical and lifestyle products, but 80% of our sales come from the lifestyle products targeted at senior citizens.” The Indian Hotels Company, which analysed data on senior citizen travellers from 2014 onwards, found that revenue from this segment of guests has been growing at 14% year-on-year.
Viviana Malls CEO (malls) Manoj Agarwal said there is a significant presence of senior citizens on both weekdays and weekends at their Thane mall. “We do find that some amount of impulse shopping happens. Though, in our experience, it is more for their children and grandchildren rather than themselves,” he added. Viviana Mall has introduced a lounge exclusively for senior citizens and it also has a golf cart pick-up and drop service in basement parking for ease of movement from where car is parked to lift/escalator lobbies. ventive corrective action (PCA), an order that limits the bank’s operations substantially. The developments have put a question markonmerger,thoughthemerged entity should be out of PCA on a consolidated basis. Rumours about Indiabulls’s substantial exposure to Anil Ambani’s Reliance Group as well as to DLF also weighed on the stock price.
In the call, the Indiabulls management said that it had no exposure to the Reliance Group and its loan of Rs 38 crore to DLF was repaid last week.