Mention “retirement” and images of old wrinkled faces and a “sense of helplessness” with limited mobility are conjured up. However, that is fast changing. The increasing proportion of aging population, is all set to redefine our perception of the “old” and “retired”.  This generation is at a stage where they are “closing-down” expectation towards work and earlier family obligations and gearing up for an optimistic outlook in the “second half” of their life. It is an “opening-up” of new doors for the time ahead and they are eager to explore and do things they previously had no time for.

The “new-old”, one of the many terms this segment is commonly called, is a growing population very unlike their “older” generation, from mindset to lifestyle. This generation of the “new-old” is not into slogging all throughout their life and some may even retire early to enjoy life. One might attribute this change to the Western influence of needing better work-life balance. They also have the attitude of “I work hard, and must reward myself”. So unlike their parents’ generation, who endured the world wars, they grew up in the industrial age where consumerism is more commonplace. They are also more self-sufficient and are not reliant on their children.

Being economically affluent, they spend more compared to the stereotypical perception of a thrifty aged elderly. They do not partake in activities of the “old” such as karaoke, ball-room dancing etc. Instead, they live a retirement rich with quality and leisure activities; a lifestyle that draws the envy of the younger generation. Having more time and being able to afford more things, they are a sizeable segment with growing importance. The "new-old", in living out their “new life”, is fast creating new trends of consumption that is becoming a formidable economic influence. Some of the noted trends include:

Travel



Increasingly, more travel packages are being organized for mature travelers. In addition to the increase in frequency of travel, trips are also getting longer in duration. These mature consumers are also venturing to more far-flung, more exotic, off the beaten track locations such as Morocco, South Africa, Egypt.

Such trips can range from the luxurious escapes to private beach resorts/villas, to golfing and spas as well as free-and-easy trips. They are hardly rushed, allowing for longer time to soak up the local culture and explore the destination. Just like the younger generation, these mature consumers are not immune to celebrity factors. For example, vacancies in travel packages hosted by local TV and Radio celebrities are taken up in an instance. The holiday is nothing short of being customised to the varied and divergent needs – ranging from the itinerary itself to special meal arrangements.

Entertainment

There are also more concerts that are being organized here that caters to the entertainment needs of this group of consumers. We are witnessing more mature celebrities returning to the stage. The sold-out concert of the “Four Divas” in Singapore Indoor Stadium recently, amongst many others, is clearly a sign of the hunger for entertainment for this group of consumers. 

Technology

If they are not spending time at their leisure activities, travel etc, you can also find them online. Globally, there is an increasing trend of computer illiterate elderly learning how to use the internet. According to a study done by Infocomm Development Authority in 2006, 3 in 10 elderly actively used the internet. Particularly in Singapore, given the high internet penetration and computer literacy gained from the workplace, we are looking at a boom of mature netizens.

Being online is a crucial way to connect and share for this group. The emergence of online communities and social networks specifically designed for the mature netizen is clearly a sign that there is a demand. It is one of the easier means by which they can communicate with other like-minded people. Sites focused at the younger generation such as MySpace and Facebook may not suit this segment since it is based on a shorter attention span of the targeted user. Sites and networks for mature netizens tend to be more topical, allowing for longer discussion and sharing of topics of interests. Naturally, such sites are also garnering higher interest from advertisers, who are potentially speaking to a more affluent audience. They tend to spend more time at one site and be more “loyal” to the site and community.

Besides being online, these consumers are also lapping up the latest technology and products such as mobile phones and digital cameras. Adopting and embracing new technology allows them to stay connected to family and friends. They can now communicate via sms, or even use Skype, to connect with friends and family staying or working overseas. More products are also being developed to cater to their specific needs. In Japan, mobile phones designed to include “Slow Voice” function (slows the pace of the caller’s speech for better comprehension) is gaining popularity. Mobile phones with larger keypads or even touchscreen capabilities are also widely well-liked.

The growth in ownership of digital cameras amongst this group of consumer is almost natural. These consumers spend time with their family, grandchildren, going on holidays, and engaging in social gatherings etc – activities that warrant capturing and sharing those precious “picture moments”.

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This segment will continue to demand new products that tailor to their needs. Given the lucrative potential of the segment of consumers, more products and services will be developed. With the luxury of time and money, armed with expertise and technology, the "new-old" are exploring new frontiers in their lives, to the envy of 20-somethings.