WisdomoftheAges:RethinkingAging(inPlace)

SamhithaUdupa–SeniorConsultant,EMEA

Mostcompaniesdon’tinstinctivelythinkof“seniors”asanattractivetargetmarket

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Agenda

  Anunderestimatedmarket  Diagnosingtheproblem:Segmentation  Diagnosingtheproblem:Design

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Agenda

  AnunderestimatedmarketDiagnosingtheproblem:SegmentationDiagnosingtheproblem:Design

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Megatrendsindicatethatthe“over60”populationsarerapidlygrowing

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Mostcompaniescompletelymissthefactthatagingboomersarealsodreamconsumers

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Source:http://www.bloomberg.com/infographics/2013-09-17/preparing-for-the-mature-consumer-boom.html

241000

170600

162000

EarlyBabyBoomers(born1946-1955)

WarBabies(born1936-1945)

DepressionBabies(born1926-1935)

Mediannetworthbygenerationatthesameage(50-69yearolds) %ofpeople>60in

today’sworkforce

25%

35%

87yrs

82yrs

Lifeexpectancyoftoday’s60yrolds

By2017,70%ofU.S.disposableincomewillbecontrolledby

BabyBoomers

Aginginplace–anattractivesubsegment

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Source:Philips

Clarifythatcostofcareperdayisnotdisposable-incomerelated

Agenda

Anunderestimatedmarket  Diagnosingtheproblem:SegmentationDiagnosingtheproblem:Design

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Traditionalsegmentationfocusespurelyonarbitraryagegroups,oronphysical(in)ability

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Source:NCPA

Inreality,the“over65”segmentisextremelydiverse…

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ProsperousEmptyNesters

SilverandGold

RustbeltRetirees

RetirementCommunities

TheElders

SeniorSunSeekers Heartland

Communities

SimpleLiving

SocialSecuritySet

Source:ESRI“Is‘Seniors’OneDemographicGroup”

Myth#1:Allseniorsarefrailandlargelystationary

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TravelIndex

Marketsegment DomesticTravelinLast12Months

ForeignTravelinLast3Years

TookCruiseinLast3Years

ProsperousEmptyNesters 127 125 154

RetirementCommunities 105 119 118

TheElders 121 145 269

SeniorSunSeekers 80 72 117

SocialSecuritySet 87 67 89

Myth#2:Seniorsarecheap

12Source:ESRI“Is‘Seniors’OneDemographicGroup”

“By2032,the(global)over-50crowdwillspend$13.2trillionannually,one-halfoftheU.S.GDP.”–MichaelHodin,

GlobalCoalitiononAging

Myth#3:Seniorsarenottech-savvy

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Source:https://www.ageinplacetech.com/files/aip/Linkage%202016%20Technology%20Survey%20April%202016.pdf

Babyboomers

SmartPhoneOwnership

Agenda

AnunderestimatedmarketDiagnosingtheproblem:Segmentation  Diagnosingtheproblem:Design

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Overtheyears,alloftheseproductshavebeenmarketedtothe“problems”ofaging

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Designingtotheproblemconsistentlymissestheelementofhumandignity

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Sharpen/practicetalktrack

Betterbuttons!

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Passivewearablessolveforsome,butnotallunderlyingissues

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Includeonlypicturesofwearables

Predictiveanalysis:Whilefallpreventionisimportant,consumersdonotwanttofeelold

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Designforproblem Designforpeople

ShortsentencetodescribewhatEmeraldisdoing–3Dspatialmonitoringtechnologies

Homemonitoring:“Bigbrother”approachignoresneedforprivacy

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Designforproblem Designforpeople

Communication,hometools,andthecaseforuniversaldesign

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DesignforEACHproblem

DesignforALLpeople

Universaldesigncanapplytoanything–evencafes

22Source:http://www.economist.com/node/21524920

•  UeshimacoffeeshopsinTokyoaredesignedwithwideraisles,sturdychairs,andlowtables

•  Servesslightlyeasiertochewfoods

•  Staffservecustomersattheirtables

•  EverythingiswritteninlargeJapanesekanjiinsteadofEnglishletters

•  Amedium-sizedcoffeecosts10%morethanatStarbucks

AlmostathirdofJapan’shouseholdwealth,some¥450trillion($5.8trillion),isinthehands

ofthoseaged70andolder.

Rethinkingtheseniordemographicstoaccessatrilliondollaropportunity:

  Applythesameprinciplesofmarketsegmentationthatyou’dapplyinanyotheragegrouptoseniors.

  Technologyisnottheproblem;designthinkingistheproblem.

  Targetusersareconsumersfirst,andpatientssecond(orthird).

  Companiesthataresuccessfulinmakingproductsforseniorstakegreatpainsnottomakeproductsforseniors.

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Thankyou