More than 65 per cent of the Indian population are below the age of 35 and marketers in the past few years have been doing everything possible to woo this set of consumers. Even traditional dairy brands such as Amul, apart from launching aspirational dairy products and dairy-based health drinks have ventured into categories such as dark chocolates and frozen snacks only to be a top of mind brand of the younger audiences.
However, one can't afford to ignore the 45-plus audiences, as for all you know it is this segment of consumers who could actually end up having more disposable income. And, savvy marketers are coming up with products for the 45-plus consumers. RPG Group's music company, Saregama, for instance, launched Caravaan a few years ago, a Bluetooth speaker (which looks like a portable radio), containing pre recorded songs. Vikram Mehra, MD, Saregama India, says that there is clearly a market for products targeted at the 40-plus consumers.
"We did a 23-city study to understand the music consumption behaviour of people. The consumers outside the four metros told us they loved Kishore Kumar, Asha Bhosle and Jagjit Singh, but we didn't give our music out. That surprised us as we were available on all the streaming applications. When we probed, we realised that the fear of technology had started to creep into the mindset of this audience. People were comfortable with smartphones and WhatsApp and Facebook, which is all free. The moment the pay element comes in they are thoroughly confused. They are usually dependent on their children to download songs on their phones."
The insights that came out from their focus group with the 60-plus audience, further confirmed their belief that there indeed is an opportunity to create products for the not so young, says Mehra. "They wanted to consume entertainment on their own and not be dependent on their children. They preferred the CD era when they could play their own music. We realised we are missing a point." The music company hopes to sell 750,000 units of Caravaan this fiscal.
"One can't afford to ignore the 'silvers' or 45-plus consumers as they are brand loyal, mostly empty nesters and hence, ready to spend on themselves," points out Bhaskar Bhat, MD, The Titan Company.
In his keynote address on the Future of Consumption, at the recently concluded Business Today Mindrush, Bhat said that the 45-plus consumers offer tremendous opportunity for lifestyle companies such as Titan, but also for the various FMCG, travel and hospitality players. While The Titan Company's fastest growing business is its youth brand, Fastrack, its flagship brand, Titan, is positioned for an audience which is 35-plus. The company has also entered into the branded sari market with Taniera, which is also positioned at the 35-plus Indian woman.
Rasna Chairman & MD, Piruz Khambatta, says that there is not just a market for healthy food and beverage options for the 45-plus but also for geriatrics. The Ahmedabad-based beverage company, which has always positioned itself as a beverage for the average Indian families, is now planning to look at newer niches.
The Indian marketers are surely beginning to overcome their millennial obsession.