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Businesses See New Demographic for Product Development: Aging Populations

The aging of the population as a whole, both in the United States and globally, is real: More people are now older than 65 than are younger than 5, and the numbers of older people are expected to increase from now until mid-century. Healthcare advances and large cohorts of people born in the mid-twentieth century and later are the primary driving causes.

But what does this growing demographic mean for consumer businesses and product development efforts?

A Product Gap?

It turns out, a significant product gap exists.

A recent MIT Technology Review issue addresses one of the not-often-discussed corollaries of an aging population: the profound mismatch between products built for older people and the products they actually want. Disabling hearing loss, for example, increases with age. More than eight percent of those 55 to 64 have disabling hearing loss, over four times the percentage in the younger population, according to the National Institute on Deafness and Other Communication Disorders. The figures rise exponentially from there; almost 25 percent of people 65 to 74 have disabling hearing loss, and 50 percent of people over 75 do.

And yet, only some 20 percent of people who need hearing aids actively seek them. It shouldn’t matter what age you are, if you are struggling with your hearing then it is important that you do something about this before the problem has a chance to get any worse. You shouldn’t be embarrassed by this as many people suffer from a loss of hearing and there are things that you can introduce into your life to ensure that you can cope better with this change. Having a look at these reviews of phones for hearing impaired will help you to get an idea of the types of phones that you can use so that you don’t isolate yourself away from family and friends. These can be used by anyone of any age, so this may be something worth considering if you are experiencing something similar now. Remember, always seek help as there could be a chance that your hearing loss can be prevented.

Furthermore, shifting demographics are impacting developed markets too. Thanks to better healthcare in developed countries, populations are aging and the elderly are living longer. It is interesting to note that these changes are happening alongside the explosive growth of e-commerce. There are no doubts about it, e-commerce has changed the way consumers shop. This is particularly true for healthcare products. Customers can now look online to fulfill prescriptions and buy over-the-counter medical products. Correspondingly, online pharmacies such as Blink Health provide a much-needed platform for mature customers to access medications like cialis that can be used to treat erectile dysfunction (ED) or impotence for instance. It will, therefore, be interesting to see what other impacts our aging population has on healthcare trends and e-commerce.

Related story: Study — Aging Demographics May Hurt Businesses, Innovation

Many potential reasons exist for this gap — and it offers just one example of how businesses are treating this growing demographic with growing interest.

The historical product design problem is simple: Hearing aids reportedly dont work well. They are also associated with old age and, as MIT Technology Review points out, senior citizens avoid an association with old age as much as anyone. Further, hearing aid designs are often bulky and unattractive.

What does the growing aging population mean for consumer businesses and product development efforts?

Older people tend not to like products that look like they’re for old people.

Developing Products That Fit the Bill

But the market reaction offers a mini-case study in market dynamics.

First, the market abhors a vacuum. The rise of a large number of older consumers who not only need products suited to their needs but have the money to pay for them 83 percent of household wealth in the U.S. is held by those 50 and over — is inspiring new business strategy and business leadership to increasingly focus on these markets.

Second, research think tanks are studying the issues behind lack of products, and lack of product adoption. Both the MIT AgeLab and Stanford Universitys Stanford Center on Longevity theorize products and product adaptation among the elderly, often with prototypes and focus groups.

Their findings? First, design that shrieks oldness or pairs oldness and disability is a turnoff to everyone, including old people. Theres no reason that things like grab bars, canes, and walkers cant be attractive as well as functional.

Second, design that makes life easier for old people often makes life easier for everyone and vice versa. In fact, MIT Technology Review addressed the issue in a piece starkly titled “Why are products for older people so ugly?” It notes: “As the market for products aimed at older users explodes, some entrepreneurs are turning to a radical idea: actually get the customers involved.”

Indeed, examples exist in other product areas. A revamp of voting machines in California relied on larger type for those who didnt see as well as they used to and on auditory cues for the overtly hard of hearing. These changes actually made the machines easier to use for everyone. Younger generations liked auditory cues because it felt more like a guide.

Text messages and garage door openers make life much easier for older people but werent designed with that age group in mind.

Product developers, take note.