Silver Consumers and Their Shopping Specifics

Abstract

Seniors constitute large and constantly growing group of consumers. These „silver consumers“ form a potentially significant market segment for the near future. An ageing population has implications for pension policy, healthcare policy, but also market policy. In spite of the scope of senior´s group, little attention was paid to this segment from the retail industry in Slovakia, and more research to identify their shopping behaviour is required in order to suggest relevant actions. Considering the need for understanding this market segment, the objective of our paper is to identify the specifics in shopping behaviour of the seniors market, with the emphasis on grocery products. Two main goals were stated as the key for our research: the identification of preference factors in the choice of a shopping place by seniors, and the factors influencing seniors decisions in grocery stores. To explore views and opinions of silver consumers in relation to a preferred place of shopping, focus groups were created. Questions regarding the patterns of shopping, decision factors and motives were also raised. A total of 126 participants took part in the focus groups. Because the seniors are rather multidimensional and very complex segment, in order to indicate the key characteristics in the shopping behaviour of seniors, three age subgroupings in the large segment of seniors were formed: seniors aged 60-69, seniors aged 70-79, seniors aged 80+. The principal purpose of the focus groups interviewing was to determine the factors affecting store choice and shopping behaviour of older people. Recommendations on how the retail industry could respond best to silver consumers were developed based on the empirical outcomes.

The Well-Being-Related Living Conditions of Elderly People in the European Union—Selected Aspects

“…The shopping behaviour of the elderly is influenced by the location of the store in relation to the senior's home, easy access to the store, low prices and price reductions, and the impact of brand awareness. The importance of these factors increases with age [57]. Researchers also point to the impact of energy poverty on the poor health and well-being of older people in Europe [58].…”