The Aging Silver Generation of Vietnam
The aging silver generation is the fastest growing population segment in Vietnam
The silver generation of Vietnam, the over 50s, will account for 36% of the population in 2036 representing 36,485,000 consumers. Cimigo interviewed 324 seniors in HCMC and Hanoi aged 50 to 79 to understand more about this silver generation segment. The negative old, slow and stubborn image of older consumers has long hindered the development of the silver market.
This silver generation is largely misunderstood, mostly as today’s marketing and advertising executives are less than half their age. Young marketers assume they are old people in the parks and drinking tea with little aspiration left in their failing bodies. The silver generation is rarely a marketing target group and they are rarely portrayed in advertising. They simply are not exciting enough to the far younger marketing executives.
Yet the over 50s is the fastest growing age segment of Vietnam’s population. They have the most discretionary expenditure as their dependents have largely left the nest and become self-sufficient. They live active lifestyles and want much more out of life. The study highlights the importance of this segment of consumers.
Vietnam silver generation: the ideal segment; time rich, asset-heavy with high disposable income
Vietnamese seniors want to bond with others. They enjoy living in an extended family and companying with younger generations. Their interrelationships are strong and expose them to the same technologies such as smart TVs and smartphones.
The silver generation is active. The 50-59 year old segment is working and earning a higher income than average. They are still involved in small businesses and make money, especially women. 79% of this segment have income. They prefer to be independent rather than depend on their children for support.
Saving is common. The silver generation wants to prepare for any emergency and their future rather than for their offspring as most marketers assume. Financial services have yet to fully explore their potential.
Health is the top concern and health related expenditure accounts for 13% of their income. Reaching retirement, seniors have more spare time to take care of their health. Beyond visiting doctors and consuming medicine, the silver generation gives credence to a healthier lifestyle (including exercise, eating habits, supplements) beyond health checks.
The silver generation’s disposable income and desire to enjoy life provide ample opportunities for travel, fashion, and beauty services.
Vietnam silver generation beyond age definitions
The silver generation is not only differentiated by their age but also by their self-perception. 1/3rd feel younger than their actual years. Very few perceive age that was older than their life age. The silver generation is more independent financially, willing to try new products, interested in new technology trends and tend to enjoy their life.
The silver generation has many attitudinal and behaviour sub-segments, generalising will not help marketers. Many prefer big stores, noncash payments but remain sceptical toward marketing and advertisements. Others prefer to stick with familiar stores and avoid new formats and trends. As with all consumers personal referrals matter. Television is the best medium to reach the silver generation. Yet smartphone use (47%) is high and is the most common online browsing tool.
For more on the silver generation of Vietnam read this article.
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