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Elderly profits

Saturday, March 8, 2014
As around 5.6 million Vietnamese aged 65 and above have many unmet needs, retailers and brand marketers have opportunities to better support their health and well-being, according to the latest finding from Nielsen.
Between August 16 and September 6, 2013 the global information and measurement company conducted a global survey about aging, which polled more than 30,000 Internet respondents in 60 countries. Forty four percent of the surveyed Vietnamese consumers say they do not see advertising that reflects older consumers. Forty three percent have trouble finding products that meet special nutritional diets and nearly four in 10 cannot find easy-to-read product labels.
People sit around a fire to keep warm in downtown Hanoi during a recent cold spell. A recent survey by Nielsen found that retailers and brand marketers have opportunities to better profit off the health and well-being of around 5.6 million Vietnamese aged 65 and above. Photo: AFP
“These findings serve as a wake-up call to manufacturers, retailers and other marketers that need to bolster efforts to better reach and cater to an aging demographic,” said Todd Hale, senior vice president of consumer and shopper insights at Nielsen. “While the global aging population is growing in number, their spending power is growing, too, as many have more time to shop and spend than their younger counterparts.”
One in three Vietnamese respondents believe stores are not catering to the needs of older consumers by providing aisles dedicated to aging-needs products and handicap bathrooms. But on the other hand, they appreciate other facilities such as ample lighting (86 percent), easy-to-reach shelving (80 percent), large print advertising signage (81 percent), trained and courteous customer service (77 percent) and benches to sit down (73 percent).
Seventy percent of Vietnamese respondents say being a burden on family members or friends is the biggest concern when they are old. Other concerns of the aging include losing their ability to care for basic needs (feed self, bathe self, dress self) (69 percent), losing mental agility (65 percent) and losing physical agility (60 percent).
When being asked if you are too old to care for yourself and cannot live alone, reliance on family is the number one choice for most Vietnamese respondents, 33 percent plan to live at home with their spouse and 29 percent plan to live with their children, which is higher than the regional average of 16 percent.
When it comes to the expected retirement age, most Vietnamese interviewed want to retire before the age of 65 (85 percent). In particular, 41 percent of respondents plan to retire between the age 60 and 65 and 40 percent prefer to retire before 59.
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