Re-Thinking Malls
Multigenerational Retail Servicescapes
Juanita Halim, Alexander Mamakos, Priscilla Wu
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2022
Multigenerational Retail Servicescapes
Juanita Halim, Alexander Mamakos, Priscilla Wu
_____________________________________________
2022
As the global population ages, the retail industry faces an unprecedented shift that will redefine consumer dynamics in the coming decades. By 2030, the entire Baby Boomer generation will be 65 or older, with older individuals outnumbering children under age 10. This demographic transformation presents both a challenge and an opportunity for retailers. With predictions that 30% of global spending will come from those aged 60 and over, and a staggering 2 billion senior consumers worldwide by 2047, the need for retail businesses to adapt is more critical than ever. Retailers must strategically adjust to these demographic changes by offering goods and services tailored to the unique needs and expectations of an aging population, ensuring they remain relevant and competitive in this evolving marketplace.
How can retail adjust to demographic changes and provide aging consumers with the appropriate goods and services that serve their needs and expectations?
How can retail adjust to demographic changes and provide aging consumers with the appropriate goods and services that serve their needs and expectations?
©juanitahalim 2024