Did you know that Thailand fully entered an aging society in 2022, with approximately 20-30% of the population being elderly? It is projected that Thailand will become a super-aging society, similar to Japan, where the population aged 60 and above will reach 28% by 2031.
Did you know that there are approximately 1 billion elderly people worldwide, representing 10% of the population? In the ASEAN region alone, 11% of the population is aged 60 and above, and seven ASEAN countries have already entered aging societies. Singapore was the first to fully enter an aging society, with over 20% of its population aged 60 and above.
Therefore, businesses now need to start paying more attention to this target group. This can be easily done in the first step by providing detailed but easy-to-understand descriptions of products and services. This approach is particularly well-suited to the Baby Boomer generation.
Let's get to know Baby Boomers better.
Baby Boomers refer to those born between 1946 and 1964, a period following World War II when many things were deteriorating, both domestically and economically, due to the war. Therefore, this group played a key role in the recovery and progress of the country.
This group of people is characterized by their diligence, perseverance in their work, dedication to the best of their ability, adherence to rules, discipline, a love of stability, an understanding of the value of money, and pride in their seniority and experience. As for the types of products and services suitable for this group, the first and foremost consideration should be ease of use, convenience, and simplicity.
Because older adults don't fully understand technological advancements, and only a small percentage do understand and can use them independently, products and services, especially online products, need reliable details and instructions for use.
Even though older adults are more knowledgeable about online shopping than before, they still remain cautious when making purchases. Therefore, if brands provide detailed product and service descriptions, along with credible reviews, it will help attract this group and encourage them to make purchases more easily.
Understanding the shopping trends of Baby boomers.
Currently, Baby Boomers are changing and increasingly embracing the digital world, unlike before when they turned their backs on it. Several studies analyze the behavior of Baby Boomers, indicating that they are placing more importance on the online world. Data also shows that 37.71% of Baby Boomers purchase pet-related products, and 471% prefer to wait for seasonal shopping promotions on e-marketplaces.
Furthermore, market analysts view Baby Boomers as a consumer group with relatively high purchasing power compared to other groups, and they also spend more time on social media than other age groups. Therefore, modern marketing strategies may need to focus more on online marketing for this group.
Baby Boomers and the World of Social Media
A GWI survey indicates that Baby Boomers are increasingly adept at using online media, including social media, online shopping, and even online gaming. A 2021 GWI report found that the average number of Baby Boomers playing games globally increased by over 32% since 2018. This reflects that this generation has not turned their backs on the online world as many believe, and has actually adapted well to it.
This has resulted in a significant increase in online shoppers among Baby Boomers. And did you know that in the United States, consumers aged 65 and older are the fastest-growing group of online shoppers? According to NPD Group data, online shopping increased by 49% in 2020 compared to 2019, with the majority of purchases being everyday necessities rather than large, expensive items.
Let's take a look at the online shopping habits of Baby Boomers!
Although this group has adapted more to the online world, their core behaviors remain rooted in rules and the value of money. They also consistently trust advertising presentations for products or services. As a result, their online shopping behavior is generally as follows:
- Believe advertisements that feature celebrities as presenters. Influenced by earlier advertising methods that favored famous actors or singers as presenters, this group of people became familiar with them and often believed and made purchasing decisions online.
- I always discuss and consult with my family before making a decision. Because this group of people is still afraid of being deceived.
- They often ask younger people to help buy things and handle things for them. Because some people aren't as tech-savvy as younger generations.
- Price is the main priority Because this group of people was born into a relatively difficult era and have worked hard their entire lives, every dollar earned has been hard-earned. Therefore, they often consider their purchases carefully before making any decisions, to ensure that the money spent is truly worth what they are getting.
Therefore, if brands want to adapt their business to better meet the needs of Baby Boomers, HelloAds recommends these three methods:
- Build credibility for the brand. For example, presenting reviews from real users can help this group of people make purchasing decisions more easily.
- Make your business accessible Besides helping Baby Boomers easily understand the details of a product or service, it also helps to connect with other age groups when they talk and ask for advice on whether or not to buy this product.
- Focus on promotions such as discounts and freebies. Because Baby Boomers prioritize price, if a brand offers promotions or special options, it significantly increases the chances of them making a purchase.
Therefore, brands should adapt to reach this group more effectively, as online shopping appears to be the latest trend among Baby Boomers worldwide. A significant number of older adults (90%) are shopping online, and over half choose cash on delivery instead of immediate credit card payment.
If a brand understands customer behavior and can adapt quickly, it will have a competitive advantage in the market. But if you like the hassle... You can contact HelloAds I can help you with your online marketing.
