|“The over-50s already constitute an important consumer group in terms of numbers and purchasing power. The German market for older people also offers a lot of innovative potential for products and services. Solutions have yet to be found for many requirements. That makes Germany an extremely interesting market for foreign investors.” says Melanie Wiegand, expert in the field of demographic change.|
Demographic change has far-reaching repercussions for wider society as people live longer lives. Historically neglected as consumers of private consumer goods and services, today’s senior citizens or “best agers” are highly differentiated in terms of their needs; adhering to the maxim that “sixty is the new fifty” and with social and leisure interests to match their more active lifestyles.
Older people are much more active than they used to be. They travel, engage in sporting and outdoor activities, and seek to embrace the online world and all it has to offer. They also want to look good while doing it. According to a TNS Infratest study, half of people aged 60 to 70 years of age like to experiment with what they wear. In fact, only the 18 to 29 years of age group has a similar interest in fashion.
More importantly, the net disposable income of married couples aged 65 and over currently averages EUR 2,440 per month. Because older people tend to live in smaller households, their per capita income is higher than that of younger households.
“People who retire today tend to have considerable financial resources. Compared with younger age groups, older people are materially better off on average, and they are frequently property owners. They also have the option of drawing on lifelong savings,” says Melanie Wiegand, expert in the field of demographic change.