“If current life expectancy trends continue, more than half of babies born in rich nations since 2000 will live to 100 years of age, and they’ll have less disability than elderly people in previous generations. That’s the conclusion of researchers who found that increases in life expectancy evident in rich nations since 1840 show no signs of slowing.”
– HealthDay News Oct 2, 2009
Think of that! Half our children will live to 100 years of age. The implications to our society are extraordinary. This is especially true for marketers. Our present marketing strategies won’t apply to this new generation.
For instance, how about life time guarantees? This practice began in the late 1950s when consumer marketing was born. Back in 1955, the life expectancy for Americans was only 69.6 years. Essentially, the bet was that we would die before the product did. Now marketers have to add another 30 years to their guarantee.
What are the other implications of your customers living to 100 years?
John Bradley Jackson
© Copyright 2009 All rights reserved.
Yes, and impact on products will be interesting too. There’ll be an increase in the number of goods and services oriented towards seniors.
Greg,
Absolutely. Financial planning will be changing too—to buy things later in this extended life, seniors will need to save more or work longer. Probably both.
JJ