Getting closer to the silver generation means trying to get to know the 55- to 85-year-old population group, which includes around 800,000 people in Euskadi.
The Euskadi Commercial Observatory Enfokamel has published an interesting study that examines in detail the consumption and life experiences of Basques over the age of 55, the so-called silver generation, and its impact on the silver economy. The study also analyzes a range of products, services, economic activities, and business activities that are of interest to people in this sector.
A diverse population covering different stages. From the first cycle of following the obligations of working life, we move to the cycle of enjoying personal time with quality of life, and finally to the more advanced cycle, which is already at the threshold of the so-called fourth era.
This study allows us to learn some of the general characteristics of the population.
They are a group that enjoys good health status, as answered by 63.4%. And their expectations for the next two years draw an unchanging horizon. Approximately one in two people consider the moment in their lives to be filled with personal plans and dreams. Even one in three people rate it as one of their best moments. Although they are participating in technology, digital skills are fundamental for the majority of over-65s and this carries a certain risk of exclusion. 8 out of 10 people claim to lead an active lifestyle. Walking is an essential part of your exercise routine. They spend their free time with activities such as watching television, meeting family and friends, reading, traveling, surfing the Internet, watching movies, playing sports, attending cultural events, playing cards, and taking care of their grandchildren. I’m filling it in. Hobbies (music, cooking, DIY, gardening, etc.) That is, free time, which is full of content, but decreases as you progress through different stages of life.
The consumption of the silver generation is by no means small. Last year, everyone made purchases in the food category, with the majority in personal equipment items (fashion, footwear, accessories) and health-related items (pharmacies, opticians, hearing centers, etc.). Consumption is noticeable not only in culture, but also in areas such as travel, beauty products, and home appliances. Books, records…
When it comes to spending, food is the biggest spending category for this generation. This is followed by clothing, health, and travel-related products. In fact, at this stage of life where they value themselves, the things that the silver generation values most are food and health products. And traveling, one of the most current hobbies, is indispensable as one of the most valuable expenditure items for the population between the ages of 55 and 65.
As just over one in four women consulted said, the silver generation doesn’t just buy for themselves, they also spend for those around them. The needs of sons and daughters, grandchildren and granddaughters, and even fathers and mothers, for those who still have them, will hopefully drive new purchases of food, personal equipment, health products, toys, etc. .
Basques aged 55 and older have also accessed online shopping, but 33.1% say it is for very occasional or one-off purchases, and 20.2% say they do so some of the time.
Thanks to the Internet, we have the convenience of receiving items at home without having to travel, and we also have the benefit of having access to a wide variety of items. However, we also recognize the risks associated with cybersecurity (e.g. fraudulent pages, payments, etc.) and the risk of receiving a product that does not meet your initial expectations.
On the other hand, the majority of this generation does not feel challenged by the media, brands and their advertising campaigns in a kind of ‘social invisibility’ that becomes more pronounced after the age of 65. And nearly one in two consumers believe society takes little account of the opinions of their peers.
Part of this population feels marginalized due to the digital divide in certain regions, making it difficult to carry out the necessary steps at the administrative or financial level.
In the face of this situation, 9 out of 10 people say they are the generation that forms the fundamental pillars of today’s society and emphasize their role in supporting and sustaining younger generations. I support the idea.
In this sense, two out of ten people consulted claim to have dedicated part of their income to meeting the expenses of other members of the family. Assistance with living expenses for children, mortgage payments, grandchildren’s studies, encouragement and support for liberation…
When it comes to Basque commerce, initiatives like Euskadi Laguncoia make perfect sense, especially based on the data revealed in the study. Nearly 20% of the silver generation believe that Basque commerce is not fully adapted to the needs of older people. This is more strongly affirmed by people between the ages of 55 and 65, who are far from experiencing the difficulties associated with the aging process.
Products on high or very low shelves that are difficult to access, small font sizes on information labels, prices and signage, and lack of rest areas and public restrooms can make it difficult for older adults to maintain an active and independent lifestyle. may become a barrier. . In this case, as you can see, it applies to the relevant part of their lives: consumption.
If you would like to expand on this information and learn more about the Basque silver economy and its consumption habits, see the full study in the Monographic Research section, produced by Enfokamel of the Commercial Observatory of Euskadi, an organization belonging to the Ministry of Tourism and Commerce. Please. Basque government consumption.
