20% of consumers over 55, the so-called "silver consumers", consider that brands do not take their needs into account. In addition, 42% believe that the treatment they receive is correct, although with room for improvement, according to a report prepared by KPMG together with Appinio.
The research, focused on the consumption habits and needs of people between 55 and 99 years old, concludes that many companies continue to approach this group in a uniform way, despite their diversity of profiles, priorities and behavior patterns.
In this line, the partner responsible for consumption and retail at KPMG in es Spain, Enrique Porta, underscores that companies must adjust their offer of products, services and commercial strategies to the particularities of this group.
Among the main requests of these consumers are a more aligned offer with their needs, humane and close attention, simple purchasing and contracting processes, and greater visibility of people their age in advertising.
Well-being and personal care are among the priority spending focuses of the "silver consumers", along with travel, savings and leisure experiences. Economic support for family members and investments aimed at improving the home also gain relevance.
Silver consumer profiles and spending priorities
The study distinguishes five major profiles within the "silver" population: the limited, conditioned by economic or physical restrictions; the hedonists, who focus on enjoying this vital stage; the inspired, interested in launching personal or professional projects; the calm, oriented toward maintaining stability; and the cautious, who prioritize health and preserving their autonomy.
Porta points out that these profiles are not static and can vary over time, as age and personal circumstances change. For this reason, he insists that companies must abandon generalist approaches and design more segmented value propositions.
Tourism and technological adoption among those over 55
In the tourism field, the report shows that, when organizing a trip, 63% of "silver" consumers place the quality-price ratio as the most decisive factor. The quality of the accommodation and the safety of the destination are also among the key aspects when choosing where to travel.
Regarding the frequency of trips, 37% of retirees say they travel more now than when they were working. In turn, 62% of seniors who still work expect to increase the number of trips once they retire.
Technology adoption stands out as another of the report’s axes. 58% of those surveyed already use artificial intelligence tools, regularly or occasionally, especially to resolve doubts, receive recommendations, search for information about products, and compare different alternatives.
However, the use of artificial intelligence for financial and investment decision-making is significantly lower and is limited to 12%, according to the data collected.
Opportunities in banking, wealth management and insurance
The report also highlights the potential of the "silver" economy for banking, wealth management and the insurance sector. The increase in life expectancy makes it necessary to rethink the range of financial services aimed at a group that may face between 20 and 25 years of life after retirement.
PROPERTY ASSET
In this context, 79% of the survey participants own at least one property, and 48% are considering selling it entirely to obtain liquidity, according to the figures presented.
The partner responsible for KPMG's asset management sector in Spain, Pilar Galán, explains that the strong preference for keeping money available is due, above all, to the need to have resources to deal with unforeseen events, and not only to a possible lack of financial knowledge.
For this reason, Galán argues that institutions must move from an approach focused on selling products to another based on offering comprehensive solutions to manage assets during this stage of life.
Dependency and the prevention of health problems also appear as key challenges for the insurance sector, in a scenario of greater longevity that is not always accompanied by a better quality of life.
In this regard, the study stresses the importance of planning care in advance and strengthening coordination between the different agents involved to guarantee an adequate provision of these services.