Retailers and brands need to change the way they market to older consumers if they want to engage them, says a new report by consumer insight firm Canadean.

Traditional techniques used to market products to older consumers – also called the ‘silver segment’ – are not necessarily relevant or effective today, as the demographic has started to reject outmoded stereotypes associated with aging, according to the report, Speaking to the new Silver: Seniors today vs. tomorrow.

The report finds that 77 per cent of consumers aged over 55 agree that they feel younger than they are.

“As the Asia-Pacific region is home to some of the oldest populations worldwide, it is becoming increasingly essential to understand the diverse needs of this growing and dynamic consumer group,” observes Jamie Mills, analyst with Canadean.

“Often stereotyped and perceived as having a homogenous series of preferences, seniors have historically been categorised and targeted solely by age. However, consumers in this age group are seeking to convey their own identity, style, and personality through the products they buy, and brands should not overlook this.”

Canadean, which will present the report tomorrow (November 10) at InCosmetics Asia, will explain how the silver segment is evolving through their behavior, preferences, and attitudes, and in doing so identify key innovation opportunities to explore to meet the needs of this redefined consumer.

The majority of consumers aged over 55 in Asia-Pacific say that they are unconcerned about the age they look or want their looks to reflect their age.

Mills continues: “One of the most pervasive stereotypes takes a highly youth-centric view towards attitudes towards aging in assuming that older consumers have a universal desire to look younger.

“However, our research contradicts this view, highlighting a common misconception of this consumer group. It will be essential for brands to challenge these stereotypes in order to unlock the potential of this segment both now and in the future.”

Canadean provides in-depth market research across the fast-moving consumer goods (FMCG) sector, including food, packaging, ingredients, soft drinks, beer, retail, wines & spirits, cosmetics & toiletries, foodservice, baby food, tobacco and travel & tourism, specialising in conducting online survey panels, producing in-depth market insight country reports through qualitative and quantitative research.