Demographic changes are propelling shopping malls to take a fresh look at a group of shoppers who are often ignored: the elderly. Statista showed that Malaysia will cross 15% population of those above 65 years by 2030.
Retailers have always been targeting the young, but the communication to this growing segment of aged 50 and above must not be ignored. For this segment, shopping is a means of socialisation and regular social interaction is recognized as a key element in maintaining both mental and physical well being, leading to more emphasis on health and wellness consumption.
Price is a valuable data point as mature shoppers are more incentivised by discounts than the younger customer segment. As such, there are implications and potential action points for the retail industry to create aspirational shopping spaces for older shoppers such as to innovate mall infrastructure, offer goods and services through targeted brand management.