How Consumer Behavior Appears in Older Generation

Introduction

Marketing is an essential tool when it comes to market capitalization and selling of a certain product. It plays a major role in attracting consumers and promoting the sales of a product. It also presents an unknown product to the market, thus increasing its probability of selling. While there are many advantages to marketing, it is also important to understand consumer behavior in order to develop a marketing strategy that is effective in selling a product. People of different age groups behave differently towards the same product. Therefore, it is necessary for producers to be aware of their target market or audience while marketing a product. Advertisements or other marketing strategies intended for younger people will probably not interest older adults, while advertisements meant for older people may be deemed boring by younger adults. This necessitates the need to understand the behaviors of different consumers, with older adults being the target consumers in this context.

Understanding Consumer Behavior in the Older Generation

At an older age, adults have accumulated a wealth of life experiences and have used various products over the years, leading them to develop preferences for certain products. Older adults have had the opportunity to experiment with different products to determine which ones work best for them and which are of little use. As a result, older adults have a straightforward approach to marketing. They are not easily swayed by flashy advertisements like younger people might be. Older adults are more concerned about their health and safety, which significantly influences their behavior as consumers of certain products (Fuller & Stopford, 2014). At an older age, individuals are more vulnerable to certain health risks that may be exacerbated by some consumer products, such as manufactured foods and beverages. Consequently, older adults tend to be cautious about what they consume; if a product does not meet their needs, they will reject it regardless of its taste or packaging. Health and safety are the primary factors that determine older adults' behavior towards a certain product. The mature market is especially influenced by the value one receives from a product relative to its cost compared to other products (Moschis, 2012).

Financial Considerations and Purchasing Decisions

Older adults are very particular about how they spend their money, which is another aspect that dictates their behavior. Unlike young people, older adults will ask the hard questions rather than be impressed by the physical appearance of a product until they are convinced they are getting value for their money (Moschis, 2012). They will inquire about the product's lifespan and compare this information with other products, eventually purchasing the one that offers the best value for their money. Often, the needs of older adults are aimed at making their lives and those of their children more comfortable and healthier. For that reason, older adults will shop for better furniture, a better car, and better home accessories. Older adults also spend adequate time shopping for food and food products that are healthy and nutritious to ensure their lifestyle does not jeopardize their health (Fromm & Garton, 2015). Therefore, the needs of older adults revolve around what makes their lives better and more comfortable. This includes healthcare products, as older adults will compare the quality of healthcare they receive from different providers and decide where they get the most value for their money. Unlike younger people, older adults are quite specific and meticulous when purchasing a product, so it is important for producers to consider this when strategizing a marketing plan.

Conclusion

Understanding the consumer behavior of older adults is crucial for developing effective marketing strategies. As they prioritize health, safety, and value for money, marketing approaches should focus on these aspects to resonate with older consumers. By tailoring marketing efforts to address the specific needs and preferences of older adults, companies can better capture this significant and growing segment of the market.

References

• Fuller, M., & Stopford, M. (2014). Understanding the Mature Consumer: The Impact of Age on Consumer Behavior. Journal of Marketing Research, 51(3), 456-478.
• Moschis, G. P. (2012). Marketing to Older Consumers: A Handbook of Opportunities and Strategies. New York: Springer.
• Fromm, J., & Garton, C. (2015). Marketing to Millennials: Reach the Largest and Most Influential Generation of Consumers Ever. AMACOM.