Local firms not placed to ride Silver waveOnly 17% of companies believe that Singapore’s “silver-haired” or elderly market is ex

Only 17% of companies believe that Singapore's "silver-haired" or elderly market is expanding, and a mere 43% have a marketing strategy tailored to this segment despite a projected 372% increase in the elderly population here from 2000 to 2030, according to a recent company strategy study by Spire Research and Consulting involving 30 leading local companies.

"Only in the pharmaceuticals/food supplements sector do the majority of companies have a serious silver-haired strategy, and 94% of those without such a strategy said they were not concerned to develop one in the next one to two years," said Leon Perera, Group Managing Director at Spire. "The growth in the elderly population and our study suggest substantial growth potential for products and services targeting the segment, but sadly, the implications of this demographic revolution have yet to impact many product categories."

Specifically in the banking and investment industry, only 55% of companies are focusing on silver-haired consumers because they believe the elderly are an unprofitable segment and they prefer to avoid undue attention on any one consumer group. Likewise in the lifestyle and leisure products industry, a whopping 80% of respondents cited that they would not have a silver-haired consumer focus in the next two years because a broad-based approach targeting all segments was associated with higher profits.