While there are a lot of studies in the past that have been conducted on senior citizens segment, those studies have not focused on the needs, preferences and behaviours of seniors.
This is a first such survey on seniors which focuses on their aspirations, preferences and opinions in today’s socio-cultural and political context.
Conducted in the month of November 2020 across North (Delhi-NCR), West (Mumbai & Pune) and South (Chennai, Bangalore & Hyderabad) using dynamic web forms for our own & third part databases and Social media – LinkedIn, Facebook as also Telephonic Interviews, the sample size stands at 2000 respondents from the 50 plus age cohort in India.
Major findings of the survey are as follows:
About 77% seniors live independently in their own houses, as opposed to living jointly with children and/or close relations.
Less than 20 % were found living with their children/grandchildren.
Over 12% in the South are currently living in senior assisted care communities/programs.
Almost 56% find that financial independence motivates them to continue working beyond retirement age
DESIRE TO REMAIN ACTIVE
Almost 64% respondents would prefer to work till 70 – 75, or till as long as they are able to.
Key reasons – to remain active & healthy; mental satisfaction & fulfilment; financial independence.
Almost 57% indulge in regular physical exercise to remain healthy.
Over 11% are into regular sporting activities, more so in the North where 14% play some sport regularly
Top concerns for seniors are health and financial independence.
Handling smartphones & gadgets was last.
A majority watches OTT channels for entertainment, with close to 66% watching Amazon Prime.
Dependence on news channels has reduced substantively, especially in the South and West. In the North, however, almost 65% still watch news channels.
Among apps, WhatsApp/Facetime/Telegram being the most popular at close to 79% using them.
About 34% of the overall sample use their smartphones for online shopping, and 39% to watch video clips.
As opposed to the earlier trend of excessive saving, this generation of seniors seems relatively at ease to spend Leisure travel is at the top of their spend list at 65%, followed by entertaining friends & family, and eating out.