Generation M or Sixty Plus seniors is an important segment which cannot be stereotyped. According to an exploratory study done by Jasravee Kaur, Partner, Master Sun Consulting, the Generation M has radically different needs and aspirations that needs to be tapped by marketers, advertisers & businessmen. Generation M is spending high and not just on rubs/balms/anti-aging products. From wellness, accommodation, consumer durables to financial products , the profiles of sunrise sectors is amazing. The segment has 73 million people, and will triple in 50 years. It is already a very significant niche and will become increasingly important as India ages.

Life Begins at 60

Generation M is an important segment which cannot be stereotyped. Generation M, is not just a qualitatively different niche. Today the size of seniors in India at around 8% of India’s population, with 73 million above the age of 60. This is more than population of countries like France, Italy. 55 lakh people in Urban India are above 60 and of these, 50% are economically independent[1].

The segment is expected to triple in next 50 years. In this context it has become important to study and understand the emerging segment’s needs.

Unlike the stereotypes, a lot of Generation M is financially sound with limited or no liabilities (read high purchasing power). This is supported by a trend of more and more senior citizens getting registered in the employment exchange[2]. Today, senior citizens have higher savings and are becoming open to investing in medium risk instruments like mutual funds.

The future of retirement survey on older people by HSBC dispels the myth of being burden to society. Contribution of older people to the income tax department is 85 billion rupees, out of this 16 billion on voluntary work. The survey was conducted on 1013 people aged from 40-79 years[3].The Generation M rather than being passive & withdrawn is becoming increasingly media – savvy. Consumption of TV and Press is high amongst seniors and intensity of consumption of print higher than that of youth. On the contrary, they are more alert to the changes/stimuli of external world[4].

Marketers please note that Generation M is spending high[5] and not just on rubs/balms/anti-ageing products. Some smart marketers like Himalaya Chyawanprash, Pfizer, and SBI are connecting with seniors by connecting to a more real persona (displaying their playful, mischievous, young-at-heart side).

Sunrise Sectors for Generation M

Some of the sectors that are emerging to be ‘sunrise sectors’ in context of the aging population:

(i) Products and services related to the accommodation and shelter. According to Sarvajeet Chandra of Master Sun Consulting these could be emergency services, security systems, housing / real estate, second home etc.

(ii) Consumer Durables such as refrigerators, ovens, microwave ovens, geysers, washing machines, air conditioners, water purifiers etc. Jasravee Kaur of Master Sun Consulting feels that “changing societal norms and resultant lifestyle needs are creating a segment of seniors who prefer their independence and choose to live separately from their offspring”.

(iii) Personal care-related products and services, general maintenance and care cosmetics, anti-aging cosmetics, colour cosmetics and other anti-aging products, beauty parlours, spas and saunas. Jasravee Kaur notes that “With a second chance at life the elderly are treading the earth softly and with care. They are living for themselves and want to preserve their looks, and keep fit and healthy. Older couples want to feel good about themselves and celebrate their married years of togetherness”.

(iv) Wellness products such as fortified wheat, protein related intakes, nutrition enhancing supplements etc. Increased nutrition is a way of being proactively in-charge of their life and destiny.

(v) Health-related products and services such as gyms and fitness centers, centers offering alternative therapies and treatments, nutritional supplements, immunity enhancing supplements and vitamin tablets, gadgets and equipments related to health monitoring etc. A demand for these products is driven by needs of taking holistic care of themselves and not to be dependent on anybody. Besides Generation M wants to be mobile and active till the very end. According to Sarvajeet Chandra of Master Sun Consulting, this will trigger a proactive spending on positive (testing, monitoring) rather than curative (treatment, hospitalization) healthcare.

(vi) The financial sector will definitely see a plethora of product and services innovation and introduction of new and pertinent forms. This creates opportunities for wealth management and new innovative products like reverse mortgage.

Section III: A Peep into Generation M Insights from Exploratory Research

Overall

* A continuum of profiles ranging from a conventional, traditional and conservative personality to an open, easy-going, exploratory and modern-thinking personality.

* Seeking religion as a gateway to peaceful thoughts and contemplation. Jasravee Kaur of Master Sun Consulting observes that “religion is a coping mechanism for dealing with excess time at hand, and complex /changing role and status in family”.

* View youth with awe, some admiration, and envy. Feel the need to earn respect from the younger generation.

Interests

* Seek active participation and inclusion in all aspects of life. Not adopted a ‘retired’ mindset of disengagement.

* Seek knowledge on technology and are keen to learn, but fear an inability to operate ….results in hesitation and distancing.

* Enjoy traveling, TV viewing, family outings, and listening to music.

* Friends are a key interest and influencer to a positive mind state. Jasravee adds “friends provide an important sounding board to discuss new categories, brands and influence brand choice”.

Attitudes to technology

* Information-seeking and exploration of technology, newer products, their utility and relevance, availability, and usage method.

* Higher excitement towards wanting to own a mobile than a computer. Jasravee Kaur notes “The mobile phone is used sub-optimally for voice and SMS, but value-added newer features are appealing with latest models with camera, download features”.

* There is a desire and an aspiration for computer fluency and guided usage and accompanied instruction. Many have attended computer courses and have access to computers at home.

Critical Feelings / Emotions

* Going out of the house is a big need as it gives the person a feeling of purposeful engagement and time utilization.

* There is a pride in spending time at work especially in one’s own business.

* Inclined towards social work or related activities. Jasravee observes that “this provides fulfillment of the need for recognition and self assurance, social power, fear of getting obsolete, and a sense of ‘giving back’ as a social obligation”.

[1] The Greying India, Sage Publications, 2004

[2] Source: Labour Ministry Report and Survey by HSBC (Oct, 2007)

[3] Source: Labour Ministry Report and Survey by HSBC (Oct, 2007)

[4] Source: NRS 2004

[5] Study of OTC products 2002, AC Nielsen ORG Marg, NRS 2003, Magazine Impact - 2004

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