Forces driving change the age to come

Technological changes, such as the rise of the Internet, and various marketing implications of these changes have been discussed by other scholars. However, the impact of aging as a ‘demographic earthquake’ was and still is hardly considered. That the implications of aging for marketing have not already been studied extensively might come as a surprise, given the impact that aging has on the consumer decision process.

The effects of aging requires to reconsider various marketing paradigms. Due to the demographic earthquake called aging, the number of consumers with an extensive experience has already increased substantially and this number will continue to increase for the next twenty years. An aging population means there will be more and more consumers with a relatively high net disposable income and equity. Might these be antecedents for a ‘booming business’?

Aging forces the business world in general and marketing in specific to construct a new way of thinking, develop new business models and define new marketing strategies.

Given the dramatic change in the characteristics of consumers in the marketplace (caused by aging), the business world must find new answers to the fundamental question of how to create value for older consumers and thereby creating a sustainable competitive advantage.

We must redefine strategies to reach our business goals.