CANADA: Seniors marketplace booming, zooming with products

. KESWICK, Ontario / Georgina Advocate - York Region Media Group / May 30, 2009 By Chris Traber Circus sideshow impresario P.T. Barnum once remarked you'll never go poor underestimating the intelligence of the public. That may be true of the youthful consumer demographic. But, when it comes to the burgeoning seniors market, pitchmen, legitimate or otherwise, have a tougher sell. Seniors are a growing segment, Statistics Canada's A Portrait of Seniors in Canada reports. Between now and 2026, the number of Canadian seniors is projected to increase from 4.3 million to 8.0 million. Their share of the population is expected to increase from 13.2 per cent to 21.2 per cent. Over the next two decades, the number of individuals aged 65 to 74 will almost double, from 2.3 million to about 4.5 million. The share of the total population comprised of these young seniors will almost double to 12 per cent. The number of Canadians aged 85 plus will nearly double as well, rising from about 500,000 in 2006 to about 900,000 in 2026. The financial situation of seniors has improved over the past quarter century. Between 1980 and 2003, the average after tax total income received by senior couples increased by 18 per cent, from $36,300 to $42,800. While marketers are recognizing the potential of the grey segment, they're also cognizant they're also a savvy force to be reckoned with, Newmarket resident and Seneca College creative advertising professor Anthony Kalmut said. Messages targeting the impulsive and free spending 18 to 34 "adventurer" demographic continue, but more speciality advertising agencies focusing on "realistic" seniors are opening shop, he said. "The boomers and zoomers are a growing sector," he said, defining the former as the same as the latter only not as affluent. "We're seeing a trend in specialized (seniors) media. One is Zoomer magazine, advertising upscale travel and investment advice. Online and mobile media too. iPhone, for example, has apps (downloadable applications) for the 45 plus demographic. Seniors are increasingly computer and Internet literate. Meld technology with the wisdom of age and seniors are formidable market segment to impress. "The older consumer wants facts," Mr. Kalmut said. "They demonstrate analysis and a buying strategy. They're more realistic. If they're considering a big ticket item, they look at the investment potential and re-sell value against the liability. They're less impulsive and because most are on fixed income, they want to spend their money well." Thornhill's Baygreen Home Health Care director Madeleine Tadrous has seen her safety and medical products business grow exponentially. "The population is aging and we have more senior customers now," she said. "In fact, it's mostly seniors." Because more elderly people live longer, alone and at home, there's increased interest in health alert and safety products, including systems that summon medical help and assist in mobility, she said. "Seniors are more aware of products available in their market and there's less shame in buying those products. Seniors are not in as much denial." As a purveyor of aids and resources for the elderly, Ms Tadrous has witnessed an upswing in senior-specific products. "There are more products than ever before," she said. "Manufacturers are seeing the population and the opportunity." One visionary entrepreneur is Cachia Electronic Solutions principal Dianne Cachia. The Aurora resident recently acquired the Ontario and Quebec rights to market and sell a new seniors aid. MEM-X is a programmable recording device which provides assistance to people disabled with memory loss caused by old age, brain trauma, dementia, or Alzheimer's disease, she said. The technology enables a caregiver or a senior's children to program reminder voice prompts to be heard at specified times by the owner. The $210, one-button device is available directly and through medical supply and pharmacy outlets. "We have aging parents and it's a concern," she said. "That's how I got interested in this kind of thing. I did a lot of research. The senior market is on the rise and there's a lot of potential." Foremost, MEM-X is designed to be a helpful convenience for the aged with cognitive issues, Ms Cachia said. However, it's also peace of mind for caregivers and the senior's children. Rather than calling six or more times to remind an elderly parent to take medication or any other scheduled task, the unit reminds them in real time. Subject to which reminders are necessary, up to 90 prompts over six weeks can be programmed into the simple, hand held device. The unit is her first foray into the blooming grey product segment. "We're all going to get there before we know it," she said. Copyright 2000-2008 Metroland Media Group Ltd.