Marketing to an Aging Australia
It is a well know fact that Australia is an aging population. Fortunately, the Australian population has not yet reached the age profiles like Japan or Germany however it does give us some insight into where we are headed as a nation. In twenty years time, a dramatic change is expected; the ratio of elderly to those of working age will double. The changing demographic profile of Australia means the way in which we promote our businesses should change. There is likely to be many changes and opportunities for businesses to adapt to the new emerging markets.
Now, with the first of the baby boomers retiring, we are on the verge of their needs changing significantly. The question businesses need to ask themselves is, ‘How will this impact on my target market?’ Can your business adapt in any way to cater for the changing needs of the Australian Population?
The youngest baby boomers are still in the mid forties, which mean they have twenty years or so before beginning retirement so now is the time to plan for the future and test new ventures to cater for the retired population. Predicting the baby boomers needs and wants and how that relates to your business is something we all should focus on.
Some of the expected needs are:
- Health needs
- Comfort needs
- Holiday and recreational activities
- Aged care facilities
- Accessibility to public places
- Community activity
Overall the great majority of baby boomers are optimistic and motivated about the future. Many have been hard working people who now have the chance to enjoy the fruits of there labour. As businesses if we can supply that ‘fruit’ then we are headed for a strong secure future ourselves.
