Till now, marketers have been vying for the attention of the younger consumer group – Generation Y, or those born in mid-to-late ’80s and early ‘90s. Now, they are shifting the spotlight on to the 40-plus consumers. Call them ‘Generation F’, if you will. (‘F’ for forty-plus, okay?)
Retail experts believe brands are realising that even though the younger consumer is known to be a big spender and, maybe, better-informed about brands, it is generally the Generation F that has disposable incomes to splurge.
Harminder Sahni of Wazir Advisors points out that the Gen F not only has the means but the willingness to spend.
“Brands and advertisers have begun to realise this.
Therefore, in the premium category, several brands such as Clarks and Harley Davidson are aimed to capture the 40-plus individuals. Even brands like Tanishq that peddle high-ticket items like jewellery and designer wrist-watches are focusing on 35-plus if not 40-year-old consumers.”
Other global brands such as Diesel and Steve Madden are also believed to be focusing on the Gen F in India.
Eyewear brand Titan Eye Plus has launched Flair, a new sub-range of products aimed specifically at the Gen F. Even its brand campaign is trying to woo this consumer set.
“Apart from product and marketing, we have also trained our entire staff on how to specifically assist these consumers when they walk into the store. After detailed research, we realised that the 40-plus consumers account for about 46% of the total eyewear business. It’s a different segment altogether and needs to be addressed differently,” said Ravi Kant, CEO, eyewear division of Titan.
Gen F tends to feel a sense of loss of youthfulness and, therefore, is more willing to splurge in order to look young and fit, said Kant.
The same logic works in the beauty segment as well, say experts. For instance, in the beauty and wellness segment, the Gen F is believed to be the fastest-growing group. In fact, a PwC-Ficci report released last year pointed out that the population of the 40-plus segment is expected to reach 500 million by 2025, making it a fast-growth category.
Not surprisingly, Dharmendra Manwani, CEO of salon-and-spa chain Jean Claude Biguine, refers to the Gen F as “diamond”. “In the beauty-and-spa business, this is one of the most precious categories. This set of consumers has bigger wallets; they spend well and also maintain a certain level of lifestyle.”
Now that anti-ageing and grooming have emerged as important service points in the wellness space, several products and service packages target the Gen F. That is not all. Gift vouchers can entitle your beloved to a certain number of haircuts, shaves/facials and sessions of pedicure, manicure and massages per annum.
Going ahead, more and more luxury and premium products and services are going to woo the Gen F, believe analysts.