Sunday, December 10, 2023

What is it and what do people over 60 spend on in Colombia?

According to a recent economic report by Nielsen, the population aged 60 years or older accounts for 30% of consumption growth in Latin America and Colombia, or more specifically 15%.

Some experts point out that this segment has created a trend called “silver economy”. This is a range of products, services and economic activities aimed at satisfying older adults.

And investments focused on healthy living and improving well-being have been increasing for some time.

In other words, the market targeting seniors has grown.

More specifically, Senior’s Club, an investor group that has been thinking about strategies and alternatives to improve the quality of life of active and independent adults over 50 in the country, has produced a recent report that shows what this population spends and invests on. and what are their key purchasing motivators to provide an overview of this trend.

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In general, it can be said that the majority have a stable income, either from their family or from their pension. Taking this into account, they conclude that the top ten consumption habits are the following:

1. They view shopping as a social activity and take advantage of the opportunity to get out of the house, stay active and socialize.

2. You have free time to travel and enjoy leisure time, promoting the tourism sector with a preference for cultural, natural and historical destinations.

3. You have the ability to save.

4. You value health and well-being, a balanced diet, regular physical and mental exercise, and frequent visits to the doctor.

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Age in Colombia

5. They feel safer shopping in physical stores as they can describe the products in detail before purchasing.

6. They adapt to new technologies for banking services, shopping and social network communication with family and friends.

7. Family influence is crucial in your purchasing decisions, especially for products you are unfamiliar with.

8. They are environmentally friendly, they recycle and reuse products and packaging.

9. They are loyal to their favorite brands, consume more than young people and look for personalized products and services rather than offers.

10. They prefer traditional media such as television, press and radio to obtain information even though they have mobile devices and computers.

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Another discovery of the report is that what matters to older people when purchasing is the quality of products and their durability, comfort and accessibility, customer service, brand reputation and trust, and recommendations from other consumers. , safety and well-being and finally, personal experience.

Turning now to spending, the latest National Household Budget Survey by the National Administrative Department of Statistics (Dane) found that older adults invest approximately 35% in health, 30% in housing, 20% in food and 15% in communications.

Nation World News Desk
Nation World News Desk
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