JWT’s Tom Doctoroff offers 5 Ways brands can win over China’s 300 million senior citizens, a market that will reach 500 million by 2025:
Over the next 15 years, China’s so-called gray market of consumers aged 50 plus will become the most potent spending demographic on the planet.
By 2025, there will be more than 500 million “mature” Chinese consumers, or almost 36% of the Chinese population. Today, the country has 300 million Chinese over age 50, making up 21% of the population. In 15 years, per capita spending power for this demographic will exceed $4,100.
This 50+ generation suffers from a sense of displacement. Have endured a civil war in China, World War II, Mao Zedong’s Liberation, the Great Leap Forward and the Cultural Revolution, they matured during a politically and economically insecure era in which “success” or “acknowledgment” was contingent on sacrifice, both on familial and national levels.
They were conditioned to have faith that absolute loyalty to authority — by son to father, younger to older, ruled to ruler — was the gravitational force that would pull China out of 150 years of chaos.
Their worldview is characterized by Confucian faith that age is tantamount to wisdom and that obedience and respect from the younger generation is the fruit of their long, hard struggle […]
via China’s Grey Consumers Are a Golden Opportunity – AdAgeChina – Viewpoint.
