Media Coverage

Spire's six most recent media appearances.

S’pore firms ignoring elderly market poll media

Business Times
13 February 2006

S’pore firms ignoring elderly market: poll


Not many companies are excited about catering to the senior citizen’s market despite its rapid growth, as discussed in an article published in the Business Times on 13 Feb 06 (pg 10) based on research released by Spire.

Businesses here are still pitching their sales mostly to the young and mature adults, but not the elderly. The article cited statistics on:

the growing share of Singapore’s population aged over 65

the small percentage of companies with a “silver-haired” marketing strategy

the even smaller percentage of companies that viewed the elderly as important in their growth strategies

Traditionally, the silver-haired market is a cash cow for manufacturers of pharmaceuticals and health food supplements. Rising health consciousness and therapeutic needs among the elderly, arising from conditions like osteoporosis and stroke, will drive growth in this sector.

The range of banking and investment products aimed at the elderly is limited, despite the high levels of liquidity they possess. Only 55 per cent of banks and investment houses polled are targeting silver-haired consumers. But according to Spire, as Singapore’s population ages, the banking and investment industry is likely to offer more products tailored to the needs of the seniors.


13 February 2006

Untapped pool most companies ignore

An article published in Today on 13 Feb 06 touched on the main reasons why companies are not focusing on the elderly as a potentially profitable market, even though one in five will be 65 years of age or older by 2030, according to Spire’s research.

The companies felt that it is unwise to target the older demographics as they contribute the least profits in most sectors.

The only exception is the pharmaceutical and food supplement industry. The survey findings come during a week when the Government accepted a set of recommendations made by a high-level committee studying ageing issues.


Marketing Magazine
6 March 2006

Local firms not placed to ride Silver wave

An article published in Marketing Magazine on 6 Mar 06 (pg 27) drew on Spire’s research to discuss briefly the major sectors that depend heavily on the silver-hair demographics for growth, such as the pharmaceuticals/food supplements industry.

Also included in the report were the industries that paid little heed to this age group – the financial industry and the lifestyle product sector. They believe the elderly are an unprofitable segment and a broad-based approach targeting all segments was associated with higher profits.

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