Older people not too old to consume

Instead of cult of youth, or at least in addition to it, a cult of age is expected to be in the focus of future marketing by Ákos Kozák, managing director of GfK. The over 50 age group is not homogeneous, as they can be divided into at least three more groups. People between 50-60 are still active and have good purchasing power. Unlike in Western countries, people at 58-59 start to make preparations for the years to be spent in retirement in Hungary. The third major group is that of people over 60 who have got accustomed to being retired but are still active consumers. True old age starts at 70 when consumption is reduced drastically. This is the present, but the future will be different. By 2021, one out of four Hungarians will 60 or older. Average life expectancy will be 73.6 years for men and 80.5 for women. People will continue working longer and they will also be fitter, healthier and more active than the 50-60 age group of the present. According to some forecasts, 40-45 per cent of the European population will belong to senior and old age groups by 2050. The FMCG business has also begun developing products and communication tools for this group. Specialisation is needed, as a completely different attitude is needed to communicate with a 55 year old, than a 62 year old. Another major trend is the decrease in population. Older generations of the future will need to continue working longer because there will be fewer people. Older people of the future will be better qualified and will continue to study even over the age of 55. They will also be better informed. Older generations are expected to catch up with younger ones in terms of Internet use and digital communication by 2020.