Content area
Full Text
Anil Mathur: Associate Professor, Department of Marketing and International Business, Hofstra University, Hempstead, New York, USA
Elaine Sherman: Professor, Department of Marketing and International Business, Hofstra University, Hempstead, New York, USA
Leon G. Schiffman: Professor, School of Business, Baruch College-CUNY, New York, USA
Introduction
Shifting demographics and other anticipated changes by the year 2000 will create a business climate where older consumers will be a particularly promising market. Today, more than 80 percent of Americans live past 65 years of age. There are over 33 million Americans who are over the age of 65, and another 32 million between 55 and 64. In addition, the first of the baby boomers are reaching their 50th birthday. The spotlight for marketers is now focused on the potential future business opportunities created by this group as they age. While the impact of aging boomers will not be felt for sometime, interest in the mature market, and how it is changing as a distinctive group is escalating. Predictions are that aging baby boomers will be different in attitudes and lifestyles than those who currently comprise the mature/elderly consumers. To be successful with these consumers, marketers need to understand how new emerging age cohorts will influence the marketplace with regard to a variety of products and services (e.g., from medical, financial, and security, to travel, fitness and dining).
Although it has been well documented that there is great diversity within the elderly population, in terms of their attitudes and behavior (Dychtwald, 1989), It is now being realized that a substantial portion of elderly do not fit the negative stereotyped image of the traditional elderly (e.g., weak, poor, isolated, lacking aspirations etc.) (Sherman and Schiffman, 1991). Within the elderly population, a leading edge subsegment of elderly have materialized, one with different values, attitudes, and behavior from traditional elderly. Schiffman and Sherman (1991) documented the characteristics of such a subsegment and identified them as the "new-age elderly". Unlike traditional elderly, new-age elderly perceive themselves as younger in age and outlook (irrespective of their chronological age), more in control of their lives, and more self-confident. They are more willing to accept change which is reflected in their willingness to accept new products and services. They seek new experiences and creative personal challenges. They...