Every day, millions of Canadians get up, take a shower, have breakfast and make their way to work. But for one in seven Canadians, or roughly four million of them, that routine may soon be interrupted.
At 82.5 years for women and 77.7 years for men, the average age of Canada’s population is fast rising, says Statistics Canada. The proportion of people aged 80 and over increased by 25 percent between 2001 and 2006, second only to those aged 55 to 64, and surpassed the one-million mark, according to our latest census. And the proportion of our centenarians (100 years of age or older), also rose by a relatively steep 22 percent over that five-year period.
Additionally, there are more seniors than at any time in Canadian history. By 2011, the growth of the elderly population will again accelerate as the first of the baby boomers reach 65, resulting in older people outnumbering children within 10 years. By 2041, an estimated 23% of the Canadian population will be over 65.
This ensures that broad social changes will force Canadians to rethink their traditional ideas about retirement, according to New Frontiers of Research on Retirement, a book released by Statistics Canada last year. The baby boom generation, the vanguard of whom turned 60 last year, is about to unleash key institutional and cultural changes.
This leads us to some important facts about seniors. They are now living in better health, are more physically active, and spend a significant amount of their leisure time traveling because they have more free time than other age groups, states News Canada.
On average, senior citizens may have lower incomes, but that income has also risen faster than other age groups over the past decade and a half. So don’t be fooled by the ‘rocking chair’ stereotype of older people. Even with growing uncertainty about future financial security, through sheer numbers alone, retirees are actually spawning a major new economy. That’s right, instead of being wheelchair bound, our loveable older population is becoming a major economic force. Welcome to the power of the “New Aged.”
Freed from the constraints of raising a family and with more time of their own, mature consumers seek products, services, and activities that compliment their desire to live life to the fullest. Once a person enters the “retiree” demographic, he/she will be a member for life, rather than young adults moving from their 20’s to 30’s, etc. This makes them a very attractive community to a range of advertisers and marketing sponsors. But it also implies certain responsibilities and approaches. From travel to fitness, finance and groceries, cosmetics, vehicles and yes – gasp – even mobile phones and the internet; advertisers are tapping into this powerful consumer market.
Reaching this vibrant and expanding segment of the Canadian population requires some effective communication at all levels, says the Public Health Agency of Canada. New attitudes and more sensitive materials and services need to be developed, as well as keeping abreast of the evolution of that market, as new and different generations will reach the “golden years” over the next few decades.
At the moment, there is still an attitude which caters largely to the youth market. Not only is this an assault on the sensibility of the mature audience, but retailers which do not recognize this fact are bound to suffer being shunned by this major market force. This is not a bandwagon; this is reality. The “Grey Power” has arrived. Realize it, accommodate it, or be left behind.
Posted by Jorg Mardian RHN, CPT 