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Rhythm Greys: Modern Greys Rediscover Themselves

Rhythm Greys: Modern Greys Rediscover Themselves

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With the rapid development of the Chinese economy, the lifestyles and mindsets of the elderly have changed. They have started to refocus on themselves, rediscovering the lives they were unable to live in their youth.

With the rapid development of the Chinese economy, the lifestyles and mindsets of the elderly have changed. They have started to refocus on themselves, rediscovering the lives they were unable to live in their youth.

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Rhythm Greys: Modern Greys Rediscover Themselves

  1. 1. 1 MODERN GREYS REDISCOVER THEMSELVES
  2. 2. OMD Copyright 2017
  3. 3. FOREWORD Yuki Xi The world has never been older—more and more of us are staying alive for much longer. China, too, is experiencing this phenomenon. As a society that promotes filial piety and the wisdom of the aged, there is an overwhelming perception that older people in China exist merely as supporters of the next generation and their progeny. The current generation of 60 plus year olds in China has perhaps been the most affected by China’s history. In their youth, they knew hardship: experiencing famine, shortages and the Cultural Revolution. They entered the workforce just as China was opening up and had to work hard to gain new knowledge and ensure their financial stability for their families. Afraid of future shortages, they earned a reputation for being conservative savers who poured their life energies into their only children—considering little of their needs. However, these past two decades have brought along many changes to this mindset. With economic growth, they no longer find themselves in a society dealing with scarcity. Their children have flown the coop. Greys in China now find themselves managing a life of abundance instead—88% of them have a pension and with only 50% of children still living with parents, their time is now their own. With extra money in the pocket and all the time to spend, the question they grappling with is how to live the sunset years of their life to the best of their ability. They now have a chance to refocus on themselves. We found that Greys are now spending their money on enhancing their lives. They are purchasing higher quality goods, investing in hobbies, and travelling to expand their minds. They actively try to socialise beyond their families. They are starting to rediscover themselves. We hope that you too, will rediscover modern Greys as they are here to stay. Director – Business Intelligence OMD CHINA
  4. 4. In China, people shift to another stage in their 60s Children move out and have their own family Have grandchildren Decline of health Get special priorities and care Retire 4
  5. 5. 5 Greys are a growing population segment, and will soon make up 17% of China Data Source: http://www.chyxx.com/industry/201603/399487.html 12.0% 1.6 2008 13.1% 1.8 2010 14.3% 1.9 2012 15.5% 2.1 2014 16.6% 2.3 2016 17.2% 2.5 2020 Population of age above 60 (100 million) Percentage of population above 60 (%)
  6. 6. 6 They are seen as Grandchild babysitters Conservative and boring Weak and ill Stingy savers
  7. 7. But like China, Greys have evolved. Shedding their tumultuous past, many of them are embracing the lives they were unable to live in their youth.
  8. 8. 8 Data sources
  9. 9. Their youth was marred by hardship 1950s 1966 1976 1986 1996 2006 2016 9 • Korean war • The 1st five-year plan • Great Leap Forward • Cultural Revolution • Launch of 1st Satellite • President Nixon's visit • Restoration of national college entrance exam • Reform and Opening • HK & Macau’s return • Join WTO • SARS • Beijing Olympic Games • The Belt and Road • SOE reform • Join APEC • Wang-Koo talks Birth/Childhood School Work & Raise child Retire Poor and restricted Hard work to earn life
  10. 10. But now have reached a new stability—strong economic growth and pension policies meaning they have significant disposable income 88% of Greys are pensioned—in urban areas, that increases to 92%. Not only do Chinese elders have regular basic monthly income, they are spending it too, with most spending 45% of their income. 10 Data Source: CNRS 2010.1-2014.12, P60+; 2014 China Longitudinal Aging Social Survey 2,194 RMB 4,721 RMB 2,955 RMB 3,319 RMB 6,160 RMB 7,350 RMB 2010 2012 2014 P60+ Average Monthly Household Income P60+ Average Monthly Household Expense
  11. 11. They are China’s first generation of one-child policy parents
  12. 12. 70% believe children play an important role in their care 68% enjoy spending time with family 12 Their relationship with their children continues to be important, especially with the loss of social connections post retirement Data Source: 2014 China Longitudinal Aging Social Survey & CNRS 2015.1-2015.12 P60+
  13. 13. 13 But 50% of Greys live without their children
  14. 14. 14 Loneliness is a big worry
  15. 15. 15 Greys are enjoying a much longer life Source: Tencent News 1960 1970 1980 1990 2000 2010 2015 43 59 67 69 72 75 76 Average Life Expectancy
  16. 16. Richer Lonelier 16 As they live longer, the question they are asking themselves is what next? Better Life More free time
  17. 17. It’s time to REDISCOVER THEMSELVES and create a better life 17
  18. 18. 18 Greys are using their income better their lives Data Source: CNRS 2015.1-2015.12 P60+ 86% like shopping in nice environment 44% would pay extra for quality goods
  19. 19. Food Travel Culture Leisure 19 They are spending more and more of their money on life enhancements Data Source: CNRS 2015.1-2015.12, P60+ * Incremental is compared to 2014
  20. 20. 20 Eating better food
  21. 21. 77% like trying food that is beneficial for them 56% believe it is worth paying more for organic food 49% like cooking for themselves 21 Data Source: CNRS 2015.1-2015.12, P60+
  22. 22. 22 Data Source: CNRS 2015.1-2015.12 P60+ They are broadening their tastes in food, buying beyond traditional Chinese meals Bottled water Fresh milk Cooking oil Rice Coarse cereals Liquid soy milk Fresh meat Biscuit Frozen food Candy 77.9% 77.6% 77.1% 76.7% 68.3% 64.1% 61.8% 60.2% 60.0% 53.3% Top 10 Food Category
  23. 23. 88% Hypermarket 23 Data Source: CNRS 2015.1-2015.12 P60+ They still shop in the supermarket Place to Purchase Food 1% 34% 12% 33% Convenience StoreDepartment Store Wholesale/Farm market Internet
  24. 24. Greys are one of the fast growing groups on e- Commerce. In 2015, their spending on-line increased 12.9% compared to 2014. 24 Data source: China Daily e-Commerce is a growing channel for them
  25. 25. 25 Data Source: CNRS 2015.1-2015.12 P60+ They purchase famous brands to ensure quality Preferred BrandsMain factors considered when buying food products Health Nutrition Brand Safety Price Taste Production date Promotion Place produced Packaging 59% 54% 47% 42% 38% 32% 21% 20% 18% 13%
  26. 26. 26 Experiencing more fun
  27. 27. 27 Greys fill their time with a plethora of activities Universities for elders Square dancing Hiking Cycling
  28. 28. 499RMB Sportswear 327RMB Sports shoes 437RMB Dancing clothes 28 AVERAGE ANNUAL BUDGET Data Source: CNRS 2015.1-2015.12 P60+; Source: http://www.199it.com 中老年线上舞蹈消费 And they are willing to pay for it
  29. 29. 83% 69% 64% 47% 26% 223 31 27 15 Media Time Spend TV Internet Newsprint Radio Magazine (minutes) Top 5 Channels where they get new information 29 Data Source: CNRS 2015.1-2015.12 P60+ Discovering new trends from TV, online and print (Retail store) (TV) (Recommend) (Promotion booklet) (Newspaper)
  30. 30. 翻开父母的微信联系群,绝对让你傻眼:老同 事群、老同学群、老邻居群,养花有个 群,晚上跳广场舞的还有一个群,在社区里参 加活动还有一个社区群……绝对比你还忙! 那,他们在群里忙些什么? Average of 60 friends on WeChat 30 Data Source: CNRS 2015.1-2015.12 P60+ Social media is now becoming part of their lives
  31. 31. 31 Exploring the big world
  32. 32. 2.3 times private travel per year 4days a year spent on personal travel 32 Data Source: CNRS 2015.1-2015.12 P60+
  33. 33. 33 Greys’ Top 5 Favorite Domestic Travel Destination No.1 Beijing No.2 Shanghai No.3 Hangzhou No.4 Dalian No.5 Suzhou Data Source: CNRS 2015.1-2015.12 P60+ They are traveling to their dream locations NO.1北京 NO.4大连 NO.5苏州 NO.2上海 NO.3杭州 Source: Ctrip data
  34. 34. > 40% < 30% 34 Data Source: CNRS 2015.1-2015.12 P60+ & Ctrip data They travel by train and stay at economy chain hotels
  35. 35. 35 Travelling is opening up opportunities for them to socialize Travel has become one of many leisure activities Greys’ undertake. With considerable free time and wealth amassed, they are becoming traveling agency’s favorite clients and the bulk of tourists during in the off-season
  36. 36. Passionate Positive Open Enjoyable Modern Greys are 36
  37. 37. IMPLICATIONS FOR BRANDS
  38. 38. The Grey market is here to stay Today’s Greys are no longer the conservative, money pinching, grandchild centered most imagine. They are adventurous, exploratory and willing to try new things with the disposable income they have. 38
  39. 39. 39 Good quality not low price Low-priced products are no longer the first choice for Greys—quality is key for them. Brands who provide good quality products and build brand trust will win their share of wallet.
  40. 40. 40 Engage with them by being helpful and convenient Brands need to prove they understand the needs of Greys and connect with them beyond trite content engagements with practical products and services that can help them continue to be independent in their daily lives.
  41. 41. 41 Leverage TV and social media to build brand awareness and reputation Greys continue to be heavy TV viewers, brands that are looking to build coverage quickly should invest in this medium. Beyond TV, with the growth of social media as a communications channel for them, brands can build relationships with Greys.
  42. 42. CONTACT US Bhasker Jaiswal Bhasker.Jaiswal@omd.com MANAGING PARTNER BUSINESS INTELLIGENCE Jeanette Phang Jeanette.Phang@omd.com BUSINESS DIRECTOR BUSINESS INTELLIGENCE Yuki Xi Yuki.Xi@omd.com DIRECTOR BUSINESS INTELLIGENCE MODERN GREYS REDISCOVER THEMSELVES

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