Looking at the broader perspective of Thailand's aging society reveals significant market opportunities for products and services that meet the needs of this demographic. This group is considered to have high purchasing power, less hesitation in spending, and importantly, a changing attitude towards expenditure.

  • Silver Age Market Opportunities

Silver Age refers to the elderly population, characterized by their hair color in marketing terms. The Silver Generation includes individuals aged 55 and above, accounting for 20-30 percent of the population. They are well-educated and have relatively high incomes, representing a substantial market of about 26 percent. However, only 1 percent of products in the market are specifically designed for this group.

“The Silver Age market is growing every year, while the youth market is gradually declining, now down to just 23 percent, which is smaller than the Silver group. Moving forward, it will continue to decrease. The Silver group has high purchasing power, and the marketing principle is First Come First Serve; those who establish their presence first will remain relevant. Yet, in terms of products, less than 1 percent of the 900 billion baht consumer goods market in Thailand is designed specifically for this group, indicating there are still many opportunities available, and they are not overly concerned about prices,” said Somwalee Limpratchatham, Managing Director of The Nielsen Company (Thailand), providing insights into the elderly market.

Regarding spending behavior, online shopping among this demographic has grown by 30 percent. In the past, they focused on saving money, but this is changing. They are beginning to balance today with tomorrow, showing more interest in family and expanding their horizons, while hesitating less in their spending.

“Money is not a measure of success but a tool for achieving happiness. Their happiness is their success,” Somwalee pointed out, highlighting a shift in perspective. She noted that any products or services that enable this group to live independently will have a high chance of success, aligning with data from the past decade showing that more Silver individuals are living alone due to being single or divorced, granting them greater freedom in their lives.

“In the 900 billion baht retail business, less than 1 percent consists of products designed for this group, representing a Blue Ocean. Currently, the only product that helps them look good is hair dye, but they need much more than that. The growth rate for these products is 20 percent offline and 95 percent online each year. The same applies to content. This is an opportunity post-COVID,” she added.

  • SCG: Clear Challenges in the Elderly Market

One business that exemplifies product development tailored to the Silver Age group is SCG. They started with safety in bathrooms, which is considered the most dangerous area for the elderly.

“Initially, we focused on construction materials, emphasizing bathroom safety. We have continuously developed products like grab bars, appropriately sized fixtures, and non-slip tiles, along with design services. As society has changed, we realized they need more than just that. We began designing various devices suitable for the elderly. In fact, there are many more conveniences that can enhance the comfort of the Silver Age. This led us to create the prototype store 'Good Life,' curating products and services suitable for the elderly. When we opened the store, we thought children would buy for their parents, but we found a large consumer group actively seeking products for themselves, with purchasing power and a desire to take care of their health and enjoy life,” said Wachirachai Koonamwattana, Head of Living Solution Business at SCG Cement-Building Materials Co., Ltd., discussing the needs of the Silver Age customers, who do not think they will rely on others in the future.

“How can we take care of ourselves, both physically and mentally, to prepare for entering the Silver Age? This is definitely a trend. We have many services and products curated for the Good Life store, considering various aspects of home life. It could be devices that assist in case of a fall, and we are starting to source various equipment. We also organize educational activities and dance classes to enrich their lives, focusing on physical health, mental well-being, and self-care,” he added.

  • Platforms for Different Generations

Not only consumer goods have opportunities in this large market; 'content' is also a channel with significant growth potential. Recently, Silver Active has partnered with four online media outlets to launch SILVERASTIC 4, aiming to comprehensively address the elderly market's products and services, led by CountUp.Life, Humans of Different Ages, YoungHappy, and Beartai, under the concept of creating a society ready to live happily, healthily, and energetically after the age of 50.

“Who says turning 50 means sitting alone at home? We believe that people in this age group can still do many things and live life to the fullest. Every minute counts and has meaning. Age is just a number, but the heart is more important. If the heart says yes, you can go far. We want to inspire and ignite the thoughts and actions of the Silver group to live life to their fullest potential in every dimension, whether it’s about food, fitness, or travel. Our page contains valuable content and important issues for everyone to follow as a guide to empower themselves for the next stages of life,” said Hathaidis Mungthin, discussing the main message of CountUp.Life.

Meanwhile, the 'Humans of Different Ages' page aims to encourage two generations to live together more harmoniously. Prasan Inkanan shared the concept:

“We communicate two main points. One is to show that there are still active and happy elderly individuals living their lives, wanting to have their own lives, with elderly role models for their peers, demonstrating that they desire a happy life. This also helps younger generations see that when they grow older, they want to be like this. The second point is to present an understanding between two generations that they can coexist. In the future, Thai society will increasingly become an aging society, and we will facilitate coexistence by showcasing each generation's capabilities and potentials.”

For 'YoungHappy,' it operates as a social enterprise with a mobile application that allows the elderly to access various services more effectively.

“YoungHappy was established to create a happy society for retirees, aiming to help them have fun, feel valued, and be self-reliant. We organize various activities for the elderly to meet, learn new things, and volunteer, utilizing their potential to solve social problems. Research shows that 60 percent of elderly individuals in urban areas are experiencing mental health issues due to boredom, lacking activities, social interaction, and the use of their capabilities. YoungHappy aims to empower these individuals to be a force in society once again,” said Thanakorn Promyoth.

Another online media outlet joining this initiative is 'Beartai,' where Nuai - Phongsuk Hirunpruek stated that Beartai is a modern media outlet presenting concise and easily understandable content suitable for all ages.

“The Silver Age has become more skilled in using digital tools and online media, especially during COVID. Parents and grandparents are now more adept at using these tools than ever before, ordering online with ease, receiving deliveries daily. This group has time and purchasing power. We have a segment called 'Suntorn Teaches Cool,' where Suntorn Sujaritchan discusses what mobile phones can do, how to charge batteries, and what fast charging is, speaking the same language as the Silver group,” he added.

SOURCE: www.bangkokbiznews.com