The elderly population, defined as those 65 years or older has increased substantially since the turn of the century. In 2000, South Korea has elderly account for more than 7% of whole population in the country. It means that South Korea has already b...
The elderly population, defined as those 65 years or older has increased substantially since the turn of the century. In 2000, South Korea has elderly account for more than 7% of whole population in the country. It means that South Korea has already become an 'aged country'. As the elderly population continues to grow, it becomes important to understand their behavior as it related to the silver industry. Evidence suggest that elderly consumers possess a considerable amount of income and wealth. For example, Korea National Statistical Office reported in 2005 that consumers 60years and older people's 'propensity to consume` is higher than under 50years older people.The behavior and interests of the elderly population have changed through the year. In the past, the entire population was characterized as having similar health, living conditions, pattern oh behavior, and spending habits. This was stereotype, and perhaps was not true. Unlike past generation, today's elderly consumers demand a wide range of products and services. In order to successfully service elderly consumers, silver industry company must identify their needs and preferences.In particular, the silver fashion business has a new market opportunity and a lot of possibility to develop various parts of marketing strategies for elderly population's needs and desire. But there are very few studies in limited numbers which present marketing strategy for vitalizing the silver fashion industry.Market segmentation: Many apparel manufacturers and retailers seem to think that age alone dictates singular buying pattern and purchasing motives. It is often forgotten that age is only one dimension for classifying consumers. Elderly apparel consumers have to consider not only age category but also lifestyle, income, health and way of thinking.