For the same reason, the market, unable yet to recognize the trend, is falling short when it comes to the products aiming at the grey population.
We have taken an example of a company, Saga, which specializes in the grey market related products specifically. This company too was running in the same old pattern, taking its clientele to be the conventional waving walking sticks kind. However, with its clientele fast adapting to the new times, the company fell short in appeasing the new generation of "silver surfers" with the kind of products they wanted. To keep up with the times, the company changed its strategy and tried to conform to the latest trends amongst the silver surfers.
This was just one company. However, many companies are now waking up to this fact and are trying to turn their attention to the grey market around the world. In this case study, we are to prove how correctly targeting the grey market will help in increasing your clientele, as will your profits be affected. Kindly advance to the next segment of this case study; which we have divided in the form of headers and sub - headers, in order to segment the whole study to increase the understanding of the reader.
Some people might argue that the grey market does not actually form a substantial part of consumer exploration, however, the argument seems to be getting stale as each day passes by. The truth is, the grey market today consists of many baby-boomers. This has led to a prominent change in the way these elderly think and plan their future. By grey market, we are considering people over fifty. These days, many studies have started referring the oldies as 'Gotys', meaning 'Getting Older, thinking Younger' and nothing was more closer to truth that this euphuism (Gabriel, 2008). The reason for this is that most people, who are in the 'grey' age group, have suddenly started showing more tilt towards the fun element in their lives. Many years of research have conformed the fact that the grey segment happens to be the wealthiest of the lot, holding 80% of the total wealth in UK alone. For the same reason, while most of the financial power is being controlled by the grey segment, aiming for them could not have reaped better results at any other time. Some other statistics might come as shocking too - it is estimated that 49% of the grey population enjoys an active sex life (while more than half amongst those enjoy the marital bed), over 19% might try for online dating, 10% would also consider getting a plastic surgery done and 75% amongst them all have an extremely bright outlook towards life (OMD UK, 2006).
While the grey population is estimated to reach 50% by the end of year 2048, most of these people are opting for unconventional lives. Unlike the older times, these silver surfers are more gung ho about adventure trips or the likes of gap years working abroad - hence being termed as the grown-up grappers. More than seventy percent of these people are free of all mortgages, while nine out of ten are in charge of their own home. As shocking as it may sound, these pensioners, silver surfers, elders etc alone make for an accumulative figure of pounds 500 billion. Apart from