Silver Market Ripe for New Ventures

The silver market is described as those who are reaching retirement age now or already 60+ years old. They are referred to fondly as “baby boomers” or consumers born before 1960. In the United States, Europe, and Japan, these senior citizens are growing at an alarming rate comprising almost 20% of those nation’s population (Kohlbacher, 2008). This demographic shift creates a challenge to marketers, and societal issues for government policy makers to grapple with. For example, many families are providing home care and financial support over much longer periods for their parents and grandparents when compared to the generation in the work force after World War II. In both the US and Japan, the social security and private programs (funded by retirement plans, pensions, and 401 K’s) were originally designed, for workers who would retire at 55 or 60 and die before age 70. Today, that is not the reality. This market is changing due in part to longer life spans and better health care maintenance and access. Understanding the consumer mind set and dreams and expectations of older consumers can lead to great business opportunities. The senior market is now positioned to grow dramatically in product categories where services are not widely available or product selection is limited. Examples of a growth market are home health care, retirement travel, health care suppliments, prescription drugs, and financial services . The Japanese practice was children take care for their aging parents in the multi-generational home. This practice conflicts with the modern convention that a worker changes jobs and locations 6-7 times over their career. It is more and more difficult for modern families to acquire or “free-up” the space and time to care for their aging parents (Kohlbacher, 2008). Therefore, the opportunity to develop and maintain successful assisted living facilities or home health care could be part of a new business plan. There are too many opportunities to define all of them. The opportunities to market to older Americans offers a great opportunity to any entrepreneur willing to venture into services driven by senior demand.

This entry was posted in Uncategorized by Don Capener. Bookmark the permalink.

About Don Capener

Dr. Capener joined the Monmouth College business faculty in 2001. He is best known as the co-founder of Above The Rim Basketball that sold to Reebok in 1993. Capener recently accepted the Deanship at Jacksonville University’s Davis School of Business in Florida. As an Emmy award winning advertising professional in the Southern CA region, Don was the CMO and marketing architect for Above The Rim and ClickRewards.com. He directed national efforts for Visa’s promotional campaigns such as Visa Rewards at Frankel & Company in Chicago and San Francisco. He rose to Managing Director of Frankel’s San Francisco office. He is now a Professor of Strategic Management and Entrepreneurship and consults for start-up and mid-sized companies