Table of Contents
Executive Summary
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- Impact of COVID-19 on Marketing to Over-50s
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- Figure 1: Short-, medium- and long-term impact of COVID-19 on Marketing to Over-50s, May 2020
- The Market
- One third of the total Chinese population is aged over 50
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- Figure 2: Population of seniors by age group, China 2000-20
- Increasing financial freedom and purchasing power
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- Figure 3: Growing background
- The Consumer
- As high as 20% carry on working after 60, especially self-employed
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- Figure 4: Employment status, by age group, December 2019
- “Empty nesters” phenomenon is creating a huge potential senior market
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- Figure 5: Living situation, by age group, December 2019
- Spending intention for travel rises to the top, replacing 2019’s priority of in-home food and beverage
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- Figure 6: Spending priority, December 2019
- Digital services ingrained in the lifestyles of most senior consumers
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- Figure 7: Digital service usage, December 2019
- Social media plays an equally important role as offline activities
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- Figure 8: Social activities, December 2019
- Positive mindset is the No. 1 contributor to a healthy lifestyle and the importance of supplements is improving after the outbreak
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- Figure 9: Factors of a healthy lifestyle, December 2019
- Staying in fashion is not only about looking young but being open-minded to new things
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- Figure 10: Selected attitudes towards ageing, December 2019
- Lack confidence in independent purchases means seniors need a nudge from brands
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- Figure 11: Value sensitivity, by age group, 20-49-year-olds vs 50-74-year-olds
- What we think
Impact of COVID-19 on Marketing to Over-50s
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- Figure 12: Short-, medium- and long-term impact of COVID-19 on Marketing to Over-50s, May 2020
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- Figure 13: Future outlook, by age group, March to May 2020
- Key trends after COVID-19
- Trend 1: accelerated adoption of online shopping
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- Figure 14: Shopping channel, March to May 2020
- Trend 2: digital entertainment content enriches lives of senior adults
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- Figure 15: New habits – “more than once a week”, March to May 2020
- Trend 3: feel of the necessity to update and influences from children
- Trend 4: more eager to be out and about
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- Figure 16: Things to do after the outbreak, by age group, 25 Mar – 1 April 2020
- Trend 5: increasing awareness of health management solutions
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- Figure 17: New habits – “more than once a week”, by age group, March to May 2020
- Implications on the marketing mix
- Effective pricing and WOM communication via community shopping
- Fulfilling the sense of being updated with technology-driven appliances
- Application of digital channels to help senior consumers improve holistic well-being
- COVID-19: China context
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- Figure 18: Accumulative confirmed cases of COVID-19 in China, January to May 2020
- Figure 19: Status of returning to work, China, March and May 2020
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Issues and Insights
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- Connections being built through online entertainment and E-learning
- The facts
- The implications
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- Figure 20: Online courses for the aged
- Facilitate young people to convert their parents into mobile service users
- The facts
- The implications
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- Figure 21: Family account
- Community charity work offers the elderly with a sense of existence
- The facts
- The implications
The Market – Senior Economic Power in China
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- One third of the total Chinese population is aged over 50
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- Figure 22: Population of seniors by age group, China 2000-20
- Increasing financial freedom and purchasing power
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- Figure 23: Growing background
The Consumer – What You Need to Know
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- Children play the most influential role in seniors’ purchase decisions
- Strong spending intention for both outgoing and in-home spending
- Online entertainment needs boosted by the lockdown amid Covid-19
- 30% of surveyed over-50s review social media every day
- Prioritised mental health and increasing consumption on supplements
- Influence of young generation and the willingness to stay in fashion
Employment and Income
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- Retirement has a different meaning for self-employed consumers
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- Figure 24: Employment, by age group, December 2019
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- Figure 25: Employment, by city tier, December 2019
- 40% of surveyed over-60s in tier 3 or lower tier cities live without a pension
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- Figure 26: Income source, by selected demographics, December 2019
- Gaps in income and education background between tier 1 and other tiers are significant
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- Figure 27: Monthly household income, by selected demographics, December 2019
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- Figure 28: Education, by city tier, December 2019
Family Members and Their Influence
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- “Empty nesters” increase quickly among over-60s
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- Figure 29: Living situation, by selected demographics, December 2019
- Children play the most influential role in seniors’ purchase decisions
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- Figure 30: Information channel, by living situation, December 2019
- Penetration of smartphones and cars are about the same among seniors in different cities
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- Figure 31: Products possession, by city tier, December 2019
Spending Priority
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- Strong spending intention for both outgoing and in-home spending
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- Figure 32: Spending priority, December 2019
- Active and out-going lifestyle is extremely popular in tier 1 cities
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- Figure 33: Spending priority, by selected demographics, December 2019
- Health and family awareness is on the rise especially among over-50s of lower incomes after COVID-19
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- Figure 34: Spending priority, by monthly household income, December 2019
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- Figure 35: Things to do after the outbreak, by city tier, April 2020
- Females dominate interest in fashion and beauty
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- Figure 36: Spending priority, by selected demographics, December 2019
Digital Service Usage
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- Male over-50s show more activity in digital service usage
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- Figure 37: Digital service usage, by gender, December 2019
- Online entertainment needs boosted by the lockdown
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- Figure 38: Digital service usage, by selected demographics, December 2019
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- Figure 39: New habits – “more than once a week”, March to May 2020
- Delivery services win over elderly consumers
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- Figure 40: Digital service usage, by selected demographics, December 2019
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- Figure 41: New habits – “more than once a week” and shopping channel, March to May 2020
Social Activities
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- 30% of surveyed over-50s review social media every day
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- Figure 42: Social activities, December 2019
- The frequency of group activities is high in tier 1 and 2 cities
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- Figure 43: Selected social activities – “more than once a week”, by city tier, December 2019
- Community bondage was strengthened amid COVID-19
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- Figure 44: Participating in group charity activities – “more than once a week”, by selected demographics, December 2019
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- Figure 45: People become closer to their local communities during the outbreak – “agree”, by age group, March to April 2020
- Social media as an extra information source for 50s and 60s
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- Figure 46: Selected social activities – “more than once a week”, by age group, December 2019
Attitudes towards Health and Ageing
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- Prioritised mental health and increasing consumption on supplements
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- Figure 47: Factors of a healthy lifestyle, 20-49-year-olds vs 50-74-year-olds
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- Figure 48: New habits – “more than once a week”, by age group, March to May 2020
- The majority of over-50s are willing to pay for new hobbies
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- Figure 49: Selected attitudes towards aging, December 2019
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- Figure 50: Selected attitudes towards aging – “agree”, by monthly household income, December 2019
- Influence of young generation and the willingness to stay in fashion
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- Figure 51: Selected attitudes towards aging, December 2019
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- Figure 52: Selected attitudes towards aging – “agree”, by living situation, December 2019
- Independent thinking and consideration for children
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- Figure 53: Selected attitudes towards aging, December 2019
Value Sensitivity
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- Lack of confidence in independent purchases means more nudge required from brands
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- Figure 54: Value sensitivity, by age group, 20-49-year-olds vs 50-74-year-olds
- Information and experience sharing is mostly important for over-50s in tier 1 cities
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- Figure 55: Value sensitivity, by selected demographics, December 2019
- Price promotion helps over-50s assure the purchase is of the best value
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- Figure 56: Value sensitivity, by monthly household income, December 2019
Appendix – Methodology and Abbreviations
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- Methodology
- Abbreviations
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