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A recent McKinsey podcast shared that when it comes to loyalty programs, a large part of the population is being ignored: elderly customers.
The podcast featured Jaana Remes, partner of the McKinsey Global Institute, and coauthor of the report “Urban World: The global customers to watch.” According to Remes, the elderly population will grow by more than one-third in the next 15 years, totaling about 222 million people, and account for approximately 51 percent of urban consumption growth, which is equivalent to more than $4 trillion.
That’s a pretty large base of consumers with some hefty spending power that many fail to market to.
According to the McKinsey podcast, the elderly consumer (60+ years) has some attributes that Millennials don’t have and that are very attractive to retailers.
All generations have buying power but simply make decisions in different ways.