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Is Silver the color of the future?

14 June 2013
Focus Hong Kong

Is Silver the color of the future?

With rapidly aging populations in the Asia Pacific, the silver market is poised for take-off. Asia will be home to an estimated 1.2 billion seniors by 2050. But global companies still struggle to tap into this growth. Spire Research and Consulting shared its views on the outlook for Asia’s silver market in Focus Hong Kong.

The Asia Pacific’s silver economy is expected to hit USD3 trillion by 2017. Key industries with the most growth potential include lifestyle & leisure, healthcare, pharmaceuticals, insurance and medical equipment.

However, most international companies in Asia are hesitant to capitalize on this market’s huge potential. The silver market is perceived (not always correctly) to have less disposable income and to be less brand loyal. Moreover many brand owners fear the repercussions of tilting their brands too far towards older consumers, for fear of alienating the high-spending 25-45 year old demographic.

There is another problem. Marketers are less experienced and have fewer retail channels to target the silver market. Besides, it is difficult for marketers to ascertain the additional costs that may be incurred in redesigning products for this segment, when examples of success seem so few and far between.

Despite the challenges, Spire believes that the silver market will be an absolutely vital segment for all companies to address in the long-term. Forward-looking companies need to urgently gather knowledge, refine products and establish brand loyalty in Asia’s growing silver segment.

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