Ageing opportunity arises

Many Western Australian businesses are not adequately catering for elderly customers and risking what is fast becoming a lucrative market according to a local not-for-profit organisation.

This worrying message for business was recently highlighted at the launch of a new WA program, Experience+, which is designed to help businesses manage this emerging issue.

A survey into the experiences of the mature consumer conducted on behalf of the Positive Ageing Foundation found business had a blind spot to the opportunities of the mature market.

Positive Ageing Foundation CEO Rhonda Parker said the survey of more than 1,500 people found older Australians felt they were treated with less priority than their younger counterparts in the marketplace.

“The comment by the mature consumers was that, when shopping, if they approached a counter at the same time as a younger person, the younger person was consistently served first,” Ms Parker said

“They also often felt as if advertisers had completely overlooked their needs when advertisements were designed and delivered.”

Ms Parker said while the research established the benefits of improved service delivery for the mature consumer the benefits for business, although clear, were not yet well understood.

These comments should send a worrying message to business and are backed by Australian Bureau Statistics population statistics and predictions.

According to the ABS 40 years ago 30 per cent of the population was under the age of 15 while only 8 per cent of the population was over the age 65.

Today 20 per cent of the population is under the age of 15 while 12 per of the population was over 65 and the trend was set to continue for at least the next 40 years.

Melbourne-based ageing researcher, GreyGold Research, said even now the over 55s market in Australia accounted for 25 per cent of disposable income.

“Any company that has a low or falling market share among people over 55 is likely to stagnate because it will not participate in the spending boom,” GreyGold manager Charlie Nelson said.

Federal Minister for Ageing Julie Bishop, who launched the Government-endorsed program, said ageing was one of the most significant issues of our time.

“Most of the Government’s policies are designed through the prism of ageing,” she said at the launch.

Ms Bishop welcomed the program saying it was pleasing to see organisations such as PAF grappling with the issue of ageing.

Ms Parker said the Experience+ program had been designed to provide a win-win for the business operator as well as the mature consumer.

Participation in the program leads to an endorsement, recognising the business’ commitment to mature consumers.

Philip Tomazin, proprietor of Friendlies Chemist Claremont, which was recently endorsed under Experience+, said the program had allowed the company to identify opportunities to improve its service to mature customers. 

Mr Tomazin said he believed the initiative would improve service to all their customers, irrespective of age.