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Understanding and meeting the needs of elderly citizen in the hospitality industry - Thesis Example

Finance & Accounting
Pages 31 (7781 words)
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Countries all over the world have been experiencing a hike in the elderly population as the life span has increased. Along with the life span, the quality of life too has increased with advancements in technology and medication. …

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Understanding and meeting the needs of elderly citizen in the hospitality industry

Understanding and meeting the needs of elderly citizen in the hospitality industry

After extensive literature review, the methodology was explained. The findings have been given in chapter IV and all objectives have been achieved. This was a qualitative study based on literature review and survey questionnaire. The study concludes that the elderly segment is a high potential group with several sub-groups within the group. The demographic changes pose several challenges to the hospitality sector but it is worth working towards these challenges. This is a heterogeneous group with their own characteristics. They are fun-lovers and have the money power to indulge in comfort, convenience and luxury, as their individual situation permits. Their needs depend not just upon the chronological age but also on the biological and the psychological age. The self-concept and the self-image also impact their needs and wants. All these again depend upon the level of education and income level. This has also given them the consumer power as they have better control over themselves, over their needs, over their expenses and how they want to use their money. They have reached a phase where they value their own self and would like to spend on self-development. The hospitality sector can benefit by taking note of the recommendations made in Chapter IV. This is a segment which offers tremendous scope for growth and the segment is growing. ...
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