SILVER MARKET SEGMENT IN SINGAPORE: OPPORTUNITIES FOR DEVELOPMENT OF CREATIVE MARKETING STRATEGIES FOR HEARTLAND MALLS

Abstract

Population ageing is a global trend. In the near future virtually every country will deal with population ageing, although at varying degrees of intensity and in different time frames. In Singapore's context, replacement migration can only help to mitigate and delay this trend. It will not reverse the foreseeable ageing population situation. In addition, the future cohorts of the elderly will consist of well educated, healthy and financially secured senior citizens who will fuel an age-specific market for services and products. This presents a window of opportunity for retail management teams and retailers of heartland malls to put in place strategies, so as to remain relevant to its catchment shoppers. Hence, this study will investigate whether heartland malls in Singapore adequately caters to the needs and wants of the elderly consumers in the non‐tangible and tangible aspects.

There are many papers discussing consumer studies and marketing strategies about elderly consumers in other countries compared to Singapore. This paper contributes to the marketing, consumer behaviour and retailing disciplines and is a platform for additional research into the elderly consumer’s expectations and needs regarding heartland malls. A quantitative research study was performed. From the research findings, various aspects in which heartland malls do not adequately meet the expectations and needs of the elderly were identified. Consequently, recommendations are proposed for possible marketing strategies for heartland malls to harness the economic benefit of this developing silver industry.