Problem:
Forget nanotechnology, it's Nana-technology (that is, grandmother-technology) that will make a big impression on this market. Marketers are beginning to recognize the need to redo product lines to accommodate the massive number of seniors who are about to cross the retirement threshold. Consumers are already beginning to see phones with larger numbers on their key pads, digital hearing aids to make music easier to listen to, programmable pill dispensers, and GPS systems that display maps in larger type. Fashion designers have begun to add lines of senior glasses. Clothing manufacturers have also taken note - remember that today's seniors set the fashion and style industry on its ear in the '60s and '70s. With annual incomes of $175,000 plus, seniors are demanding products that fit their needs.
Seniors are also interested in modern technology. Several companies are modifying their game business to include devices and programs that appeal to seniors' desire to remain mentally alert and entertained. Such devices can also teach seniors more about advancing technology. The spending power of the Baby Boomers will motivate companies to re-think how they approach seniors in the marketplace. Nana-technology is "where it's at" in the twenty-first century!
Adapted from "Nana Technology" by Phuong Ly, Business 2.0, October 2007, pp. 40-41.
Case study developed by Dr. John R. Brooks, Jr., Houston Baptist University.
Questions:
1. Why is the senior market becoming more attractive?
2. What generational group is powering the growth of seniors?