A key point that emerges from the Age of Majority research studies includes the findings that older consumers want to be independent and live like them. Mature consumers also indicate that they have more free time and that they are more eager to travel than younger consumers. In addition, they are interested in trying new things and want to experience an adventure. These sentiments are valid not only in the U.S.
U.S. and Germany, where mature consumers feel more financially secure, but also in India. Because they tend to spend with financial security and resilience, mature consumers are a highly valuable consumer segment, especially in times of economic uncertainty. They want to see products that fit their interests.
According to Numerator, among the product categories in which boomers overvalue are living plants, kitchen textiles, irrigation systems and flower pots and planters. That said, they're likely to appreciate products related to indoor plants and gardening, such as this starter kit for cacti and succulents from Garden Republic. Retailers can also offer innovative tools and DIY kits to help them with their home improvement projects, such as this Character kit for designing and hanging up to 20 pictures on a gallery wall and the Easy Open tool for paint cans from KRS Corporation. The meaning or personal relevance of a decision is another important factor that can moderate the effects of age on consumer decision-making. In particular, there is evidence to support the idea that older adults focus more on affective and value-based information than younger adults 46,47 Consequently, it is well documented that, as people age, there is more recourse to affective, experiential and heuristic forms of processing 48. Aging isn't always a story of decline.
Brands must rethink the way they relate to the vibrant and varied lives of people aged 70 and over. A survey conducted by Age of Majority and the Revolution 55 panel shows that more than half (52%) of the group indicated that they are willing to change brands and try new things. In addition, in some subsegments of people of working age, the vast majority report that they change frequently. Overall, the results show that the categories in which people of working age are most likely to switch brands are appliances, household electronics, packaged foods and footwear.
Despite the obvious importance of these studies for understanding the aging process and developing better ways to serve older consumers, research on aging and consumer decision-making has been relatively limited. Consequently, variables that facilitate the processing of consumer information, such as printed fonts, designs, and color contrast, can have a profound influence on the willingness of recipients to adopt a behavioral recommendation. The authors speculated on a number of possible explanations, including older consumers' extensive experience with products and services, which led to a better idea of their own preferences; the use of a lower standard of comparison than that of younger consumers, who may know more about the “latest and greatest products”; and a greater likelihood of satisfaction than younger consumers, provided that a product or service meets their basic requirements. While influencing mature consumers may seem difficult, brands have everything they need at their disposal.
Therefore, better understanding how consumer decision-making changes over the course of life is increasingly relevant for older people themselves, as well as for their families, companies and public policy makers. In fact, mature consumers are much more likely to influence younger consumers than the other way around. A key point that emerges from the Age of Majority research studies includes the conclusion that older consumers want to be independent and live as autonomously as possible. In recent years, older consumers have become more likely to accept some aspects of the aging process and, instead of wanting to be young again, they strive to be the best version of themselves at a given age. The consumer experience depends both on familiarity (or repeated experience) with a decision area and on increasing objective knowledge or skills.
Weiss points out that, in terms of providing a better service to older consumers, companies would do well to understand the results of research on this market. Only about a quarter of mature consumers regularly worry about their financial situation, for example, compared to nearly half of younger consumers. The consumer experience in several areas also leads to the use of strategies that reduce cognitive effort during decision-making. These data suggest that mature consumers are a critical market for premium goods and services.
Weiss observes: “The changes that could have taken years to take place took a year and the technology has no turning back for older consumers of all ages who have adopted with enthusiasm digital practices.
