FRIDAY, March 29, 2024
nationthailand

Ageing society ‘should be seen as opportunity’

Ageing society ‘should be seen as opportunity’

COMPANIES should ensure that their products and services are ready for ageing consumers’ needs, both physical and psychological, through innovation and suitable packaging, delivery services and communication, Nielsen Thailand says.

 
The Office of the National Economic and Social Development Board has forecast that within two years, Thais aged over 60 will outnumber children aged below 14. And by 2025, one-fourth of the population will be over 60. 
Somwalee Limrachtamorn, managing director of Nielsen Thailand, said yesterday that the ageing population presented huge business opportunities for those companies that recognised the importance of the over-60 group. 
If the dependency ratio per 100 working population – that is, the ratio of those under 14 and over 65 to those between those two ages – jumps from 56 in 2015 to 69 in 2025 as forecast, this will have an impact on social welfare.
The shift in demographics in not only shaping how social resources are allocated but also the whole value chain of product development, ranging from innovative design to packaging, point-of-purchase placing, delivery services and communication strategies. 
Somwalee said product development should support older people in terms of both mental and physical needs. 
Nielsen’s research indicates that people over 45 are quite concerned about losing self-reliance, such as the ability to drive, cook or shop without assistance, and physical agility while their life expectancies are getting longer because of advances in medical-care technology. 
Speaking from her own observation, Somwalee said many of the needs of ageing customers were not being met, particularly by the retail sector. Research suggests that older people want help getting their grocery bags to the car, electronic shopping carts, and checkout aisles suitable for the physically handicapped. 
When asked about the top three products or services that make life easier for them, older people point to medical-insurance services and assistance, smaller food packages suitable to the portions they require, and easy-to-read restaurant menus and foods that meet special nutritional needs. 
Somwalee said ageing consumers tended to buy health-related products online. Therefore, it would be nice if there were systems in place to deliv?er such products to them. 
 
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