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Are you ready for a new reality? There is a new generation of aging consumers, who represent unprecedented spending power. This is a unique generation, who represent a huge opportunity for businesses, but because their lives and expectations are fundamentally different to those who came before, they will also change the way we operate. The old narrative is defunct, and to succeed with this audience requires a seismic shift in how we create products for them, how we provide service to them and how we talk to them. Without embedding this outlook through all levels in your organization, you run the risk of hanging on to outdated perceptions and increasingly redundant business approaches.

We’ve connected you to some of the key trends shaping the market, and below you’ll find three more trends that are drastically changing the landscape right now, as well as key takeaways that you need to be aware of as you adapt your business strategies.

Aging at Home is Being Redefined

CMHC research shows that 80% of aging Canadians would like to ‘age in place’ in their own homes and communities, and their expectation is that these spaces will continue to allow them to live vibrantly. The social, psychological and health benefits of this kind of environment cannot be understated, but to unlock them we need to create homes that reflect the realities of the owners, allowing them to live with style and power. We know that it’s possible to achieve a future where homes are fully adapted to age and ability of their users, and where technology and design go hand-in-hand to support inclusivity and wellness. In fact, we just launched a new initiative called Livable Environments to educate the aging consumer on how key stakeholders are changing the landscape and creating spaces that enable fuller lives. You can benefit from this conversation, so please contact us if you would like to hear more.

TAKEAWAY: Living spaces need to intelligently adapt to the realities of the new aging consumer generation. Companies who lead this change will be well-placed to capitalize on this explosive market growth.

Successful Businesses will Draw on Generational Strengths

Let’s dispense with the language of divisiveness and realize that looking past age, at either end of the spectrum, is critical to succeeding in the longevity economy. Unfortunately, many businesses are blind to the opportunity an aging population represents because they either don’t see older generations at all or view them as so far removed as to be irrelevant. At the other end of the scale, many organizations have struggled to fully engage the drive and skills of millennials. Both of these are potentially fatal mistakes - successful companies have realized that by harnessing the experience of older generations and the energy and digital prowess of millennials they are able to create innovative approaches that truly focus on the needs of the end user. Doing so is critical in the longevity economy, where more demanding consumers will  reward companies that approach their requirements with intelligence and empathy.

TAKEAWAY: Join the generational dots to create resilient, creative and profitable solutions for the longevity economy.

Beauty is Ageless

In 2017, Maye Musk became Cover Girl’s oldest spokesperson at the age of 69. We have grown up in a culture that idealizes youth to the point that’s its often hard to see the beauty of age. Maye Musk shows us what can be achieved when instead of trying to conceal our age, we celebrate it. The authenticity of true beauty is that we feel our best, so while most of the focus within the beauty industry remains on younger audiences, the aging consumer should not be overlooked. This means developing products for their stage of life and promoting to them in a way that resonates with their values and identity.

TAKEAWAY: Companies who recognize that beauty does not have an age limit have the opportunity to develop lasting loyalty with an undervalued segment of the population.

You know that the longevity economy presents a massive opportunity for your organization, but with multiple conflicting priorities and only so many resources to go around, how can you capitalize on it? This is where we come in. We bring the expertise you need to be successful, providing you with the knowledge to adapt. 

Let's work together to boost your business with Canada's most valuable demographic.

UNLTD Strategy: Uncover your business possibilities through strategy design and UNLTD Potential Workshops. Partner with us.

UNLTD Targeting: Connect with Canada's new aging consumers through YouAreUNLTD's proprietary consumer databases. Let's chat today.

UNLTD Content. Speak to new aging consumers with customized content campaigns that resonate and drive engagement in your business. Let's talk - now's the time.

UNLTD Brand Studio: Develop relevant communication creative that is meaningful to the new aging audience. Get in touch with us to learn more.

Share our UNLTD Access business insights with your team using the links below, or have them register to receive their own monthly newsletter here.

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