Definition of grey dollar

This refers to a particular consumer group consisting of ageing affluent people, especially baby boomers who are coming of age. [1]

Retailers and manufacturers of consumer goods are focusing on this market segment, which is both expanding and spending more – unlike most consumers in the developed world.

According to the consultancy Boston Consulting Group, globally, those over 55 will account for more than half the consumer spending growth in developed markets over the next two decades.

There are plenty of marketing, advertisng and product development opportunities within this consumer segment.

Example
In Japan, there is a shopping mall designed with the elderly in mind. Here they can get access to medical clinics, benefit from 5 per cent discounts on pension day, partake in any of 140 leisure activities ranging from calligraphy to hula dancing and, through the “Begins Partner” programme, find love.

Nestlé, the Swiss food and drinks company, is working on health and wellness products, including those tailored for the elderly and infirm such as nutrient-packed drinks that can be fed to hospital patients.

User-friendly packaging is also another area to focus on. For instance, Nestlé has started using a machine that tests the strength required to open its products. [2]

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