Active ageing of elderly consumers: insights and opportunities for future business strategies.

Abstract

Recent studies have focused on the emerging scenario of ‘active ageing’ as a series of positive actions aimed at fostering elderly adaptability by supporting emotionally close relationships and removing age-related structural barriers. Active ageing may be stimulated not only by leveraging technological and scientific innovations but also by implementing new business strategies that reflect a better comprehension of elderly new roles and behaviours. To aid in that effort, through a literature review of marketing and management contributions across a five-decade period (1970–2020), this paper investigates elderly consumers’ new roles and related implications for business strategies, from a consumer behaviour perspective. Results present a structured classification of the most prominent streams of research by highlighting five promising changes (5Cs): changes in elderly consumers’ roles in markets and societies; changes in self-care resulting in fashion purchases and cosmetic surgery; changes in elderly consumers’ expenditures on specifically designed products and services; changes in the perception of risks resulting in preferences for either extremely prudent or hazardous behaviours; and changes in general elderly characteristics due to the so-called ‘ageless society’. We highlight the heterogeneity of elderly consumers’ new values and lifestyles, and the importance of incorporating their needs into innovative business strategies, by describing for each section the main findings of extant research and practical implications.