Indian senior citizens emerge as top consumer group in study
A recent study on consumer patterns in India has revealed that older people are emerging as a strong group.
The study is titled Changing Patterns of Income and Expenditure of Older People in India: An Assessment. It was conducted across India by the NGO Agewell Foundation.
The study says that senior citizens in India are now more stable financially. They are also more open to spending their savings on themselves.
The study found that one-fifth of India’s elderly population has jobs or other means of earning a steady income in their old age.
For a majority of people, their monthly pension is the main source of income.
Over 19% senior citizens also relied on money earned as rent for land/house properties.
The study has highlighted that the senior citizens should be considered as an important factor, when various marketing and advertising strategies are designed and implemented.
The older population is interested in spending money on their own comfort and enjoyment.
The tourism industry has also pointed out an increase in the number of senior citizens travelling every year.
However, it has also been found that a large part of the income and savings is spent on health care and medical expenses.