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The authors discuss the development, importance and impact of marketing to senior citizens with particular emphasis on demographic change. It will define senior citizen marketing, give the various approaches relating to the segmentation of that market, review the relevant literature, discuss the importance of the senior population for the economy, and consider how marketing to seniors differs from other marketing. The paper will also discuss the growing impact of the Internet on dealing with senior citizens. Readers' attention is especially drawn to the extensive list of references at the end of the article, which offers a useful basis to select further reading. The outcomes of this paper apply not only to international marketing scientists, marketing practitioners and consumer researchers but also to people with interest in demographic change worldwide.
Key Words: Senior citizen marketing; Demographics; Elderly market; Aged consumers; Internet.
1. Introduction
Never before has humanity seen such a development: A shrinking population in almost all developed countries and at the same time a considerable aging of their inhabitants (Gassmann and Reepmeyer, 2006; Wodok, 2004; Michaels, 2003; Wallace, 1999). So far, the history of humanity and the development of the modern economy have been primarily characterised by the youth and, hence, growth. This also explains why to this day, no country has had any experiences regarding the consequences that such a change in the ratio between the young and the old will have on the economy. It is conceivable that extensive economic growth may slacken due to this demographic development. What we can be sure of is that the demand situation and people's patterns of consumption will change significantly. This may not be abrupt, but it is certainly unavoidable and fixedly determined. It also leads to insecurity for many companies while simultaneously providing fantastic opportunities (Neundorfer, 2008; Kohlbacher and Herstatt 2008; IHK, 2008; Maas and Erbslöh, 2007; PwC, 2006; Lienhard, 2006; Hunke and Gestner, 2006; Haimann, 2005; Capgemini, 2005; GREY, 2005; Verheugen, 2004).
Marketing and advertising campaigns in recent decades have been focused on young consumers because the elderly or the senior citizen segment was stereotyped as a unique segment of low net-worth individuals dependent on their children's income (Dwight and Urman, 1985; Bivins, 1984; Allan, 1981). Today, the silver haired segment of the...