Economy of older adults in Cali moves close to 10% of the city’s GDP

by time news

2023-12-07 07:11:00

Older adults in Cali are an increasingly attractive population for the markets and a good part of them continue to be productive.

According to Cali Como Vamos, 17 out of every 100 inhabitants of the city are 60 years old or older, that is, about 390,529 people.

Of these, it is estimated that approximately 19% are still actively working, in other words 74,200 individuals.

By income, about 70% of this population manages a monthly budget of between 1.5 and 2 million pesos; In fact, it is estimated that at least 58% currently have an allowance, either through a pension or through different subsidies such as Colombia Mayor, among others. This money allows them to have economic stability without necessarily depending on other income.

These numbers show that they are far from being considered passive actors in the economy; on the contrary, they are an increasingly active community.

In fact, other figures from Colpensiones indicate that they make an average monthly expense of 121.2 billion pesos nationwide; that is, 12.3% of the country’s total production.

In other words, they contribute 332,000 million pesos a day to the economy in the consumption of financial services, health, transportation, food, communications, tourism and entertainment, among others.

According to some analysts, its influence on the markets has been increasing, giving way to trends such as the “Silver Economy” or the “Silver Economy”, a concept that refers to all economic activity, products and services that are aimed at satisfying the needs of the economy. needs, preferences and capabilities of this population.

Key factors driving this trend include increasing life expectancy, the desire to age actively and healthily, and the willingness to make investments that improve well-being.

In order to know how this economic model is progressing in Cali, Senior’s Club, a business group that has invested more than 100 million dollars to improve the quality of life of older adults in Colombia, carried out a recent report that reveals what it is doing. spending and investing this population and what are their main purchase motivators.

The 10 main consumption habits of the elderly population

According to the report, one of the main characteristics of this population is that they have stable income from their retirements or their families, which results in the following consumption behaviors:

1. They see shopping as a social activity, taking the opportunity to get out of the house, stay active and socialize.

2. They have free time to travel and enjoy leisure, promoting the tourism sector with a preference for cultural, natural and historical destinations.

3. They have savings capacity.

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4. They prioritize health and well-being, maintaining a balanced diet and doing regular physical and mental exercise, in addition to visiting the doctor frequently.

5. They feel more secure when buying in physical stores, since they can detail the products before purchasing them.

6. They adapt to new technologies for banking services, purchases and communication on social networks with family and friends.

7. Family influence is crucial in their purchasing decisions, especially for products they are not familiar with.

8. They are eco-friendly, recycle and reuse products and packaging.

9. They are loyal to their preferred brands, consume more than young people and look for personalized products and services rather than offers.

10. They prefer traditional media such as television, press and radio to get information, despite having mobile devices and computers.

According to Catalina Arango, manager of Senior’s Club, “this type of consumer habits has made brands in Cali and the rest of the country little by little put their eyes on what is known as gray marketing, which in In other words, it is the market that focuses on the elderly and seeks to impact them in aspects such as quality of life, health, economic stability and the satisfaction of their basic needs.”

The four expenses that move your pocket the most

According to the report, these are the main investments of older adults in the capital of Valle del Cauca:

I. Health: they have up to 35% of their income

II. Housing and accommodation: 30%

III. Food 20%

IV. Communication 15%

What they invest less in is clothing, restaurants, hotels, drinks and cigarettes.

Your top seven purchase motivators

First of all, safety and well-being are highlighted.

Second, the quality of the products and their durability, they prefer that they are resistant and can last over time.

Third, comfort and accessibility, that is, products and services that make their daily lives easier and are easy to use.

Fourth, customer service and customization; Likewise, they tend to value long-term relationships with companies that treat them with respect and consideration.

Fifth, reputation and trust, because they tend to buy from well-known companies and brands and do not like to change.

Sixth, recommendations and references, that is, this type of consumer is very carried away by the advice of friends, family and acquaintances when making purchasing choices.

Seventh, experience and personal satisfaction, factors that are determining factors in the decisions made by this population group.

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