Nielsen: Focus on elderly

Brands and marketers should target the elderly demographic, which will account for 19% of the country’s population by 2030, says market researcher Nielsen Thailand.

The number of people 65 and older will double in the next 15 years, making Thailand the third Asian country with an ageing society, according to a UN report on world population prospects.

Somwalee Limrachtamorn, Nielsen Thailand’s managing director, said the spending power of the elderly will gain influence in the market.

“Brands and marketers, including retailers and service providers, should focus more on this segment because there are chances to create new products to support the health and well-being of elderly consumers,” she said.

It is important to find the right products and services to match with this segment, said Ms Somwalee.

“Products and services should be differentiated such as by using larger fonts on product labels or gathering various products in one place for easier access,” she said.

Proper communication channels and delivery of services are also vital.

A Nielsen survey said the elderly made up 9% of all internet users during 2010-15, up from 5% before 2010. The elderly are the majority of grocery shoppers, making up 61%, up from 52%.

Brands and marketers must reach the elderly by using the right marketing strategy to support their rising purchasing power, said Ms Somwalee.

People aged 45 and over are concerned about losing the ability to perform daily activities such as cooking, driving or walking alone. But the survey indicates these people are going to live longer as a result of improving healthcare technology.

Nielsen research shows medical insurance services, smaller portion sizes for food and easier-to-read menus are the top three trends popular among the elderly.