The Untapped Market of Elderly Consumers in Japan

It has been noted in Japan that there is a significant potential demand for products and services catering to elderly people. Currently, nearly two-thirds of Japanese household financial assets are owned by individuals aged 60 and older. However, the majority of marketers and engineers below the age of 60 are not fully dedicated to pursuing the development and value creation of such products and services. This is primarily due to the stereotypical belief that elderly individuals are not as interested in consuming in the same way as younger generations. From my recent observations, including my own experiences, I have found that elderly people have a strong appetite for spending on various products and services that they genuinely want or need. For example, very elderly individuals may desire a consumer-friendly, limited-function version of a smartphone, while those entering retirement seek referential information on various role models who can enrich their retired life.

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