The marketing term ‘Silver Tsunami’ – what it is and how to prepare for it?

In well-developed countries a consumer above 50 years old is the fastest growing target group yet the least appreciated, regularly neglected, marginalized and forgotten by marketers. The term ‘Silver Tsunami’ refers to mature consumers over 50 years old as you have probably guessed. If this whole group was homogenic, for us managers, marketers, sales, it would be too beautiful and simple. However, this unique group is the most important for us for several reasons:

• Those people have money that they consciously spend on themselves. And this ‘on yourself’ is very important as they are free from many obligations and have, most likely, adult, independent children. Despite the image of a not wealthy pensioner, I would like mention the fact that in many countries poverty is far more likely to occur among families with children than among people over 60 years of age.
• They have the passion for work, want to work and often work for the pleasure or because they have or don’t know the alternative for their leisure time. And as they say, they do not want to get old and grumpy.
• Paradoxically, it is a group that has a lot of plans for the future. The 60+ group is now healthier, longerfunctioning, wealthier, more active, and spiritually younger than their parents' generation. Their purchasing power is substantial and stable.

Don’t panic

There is no point in sending frightening messages to target 50 year-olds. It does not work on them. They are not teenagers who panic because of the lack of acceptance or are deeply experiencing each failure and are unhappy without sufficient number of likes under a post or a photo, or are very emotional and need admiration. People in this group have different values ​​due to their stable emotions. Less things annoy or worry them. They have seen enough in their lives, so they do not react so spontaneously to health damage or other catastrophes presented in advertisements. Instead of showing the risks of not using a product it is better to focus on the positive effects. So instead of the fear of back pain it is better to show how life can be pleasurable without pain. Mature people pay attention to the general sense, less to the details. The wider context allows them to make a better association fact.

Who understands

Older people say that young people do not understand them at all. They have no idea about their needs and their situation. And one of the most important things for our ‘silvers’ is to understand their needs. They place it very high in their pyramid needs so they seek the right service for themselves. In addition, usability is the key word for our group. It does not matter to them whether a product is fashionable, it is more important what it can give them and how it can improve their situation. Transparency of communication and all messages is crucial and it has a lot to do with the amount of time  the ‘silvers’ have. Older people are more talkative, more patient, and have more time to understand.

Why should you reconsider your current thinking about elder, poor pensioners? Well, first check your membership base in PerfectGym management system and see how demography looks. If not yet, I bet soon you will see more and more older people coming and asking about your offer. Of course, not everything will be attractive to this group and not all fitness clubs will fit, but if you are flexible and have capacity, it is worth to target elder clients. This target is growing, characterized by loyalty, wants to spend the money and use it in a pleasant and comfortable way, enjoy their time. Check some above mentioned points in order to build communication that can immediately hit the spot. You don’t have idea what to offer to the ‘silvers’? Check our recommendations in the article Fitness programs for older adults.