FINDING A GOLDEN OPPORTUNITY IN THE SILVER GENERATION: SHOPPING CENTRE CHOICE BEHAVIOUR OF THE ELDERLY

Abstract

The elderly market is one of the most neglected markets due to weak stereotypes and perceptions that are tied to them. However, with major countries facing ageing population and the increasing wealth and affluence of the elderly, this market is growing to be one of the most lucrative and well-sought after market. Despite that, previous research on elderly shopping-centre choice behaviour has been thin and conflicting, with most of them being either confined to a small section of a study or are assumed to be homogeneous. Hence, this paper aims to cover five critical areas in elderly choice behaviour; (1) the determinants of shopping-centre choice, (2) the orientation of elderly shoppers; (3) to analyze whether shopping-centre and transport attribute preferences vary across socio-economic variables; (4) determine the main factors that affect the type of shopping-centre visited and; (5) the implications of these findings on shopping-centre management and marketing. To meet these objectives, a survey was conducted on 300 people who are above 55 years old. Subsequently, the results are analyzed using various tools like descriptive statistics, factor analysis, cluster analysis, ANOVA analysis, independent sample t-tests analysis and ordered logit. From the findings, the author has noted some interesting trends. Firstly, factors such as variety, atmosphere, value-added services, tenant-related attributes and cleanliness were singled out as factors that affect elderly choice decisions. Next, the elderly market can be categorized into three segments which reflect different shopper orientation and typology, with most of them falling into the “demanding shopper” segment. This means that most of the elderly choose a shopping-centre based on a variety of attributes. It also established that the elderly market is a heterogeneous market with variations in preferences across different socio-economic variables. Lastly, it shows that shopping-centre attributes and travel convenience are two of the main deciding factors which determine which of the three types of shopping-centres an elderly who most likely visit. These findings have serious implications on the management and marketing of shoppingcentre. The author singled out certain issues that should be taken into consideration. This includes mobility issues and problems faced by the elderly, the development of an integrated shopping experience, finding the right tenant mix and concentrating on valueadded services and atmosphere to give the shopping-centre an edge over their competitors. By adapting and adopting these factors, it would help to redefine the target market and position the shopping-centre appropriately to attract the elderly market.