A recent article in the Wall Street Journal (Hookway, WSJ, 3/20, 2014), describes the growing decline in birth rates across the globe. This phenomenon has already impacted Japan, China, South Korea, Brazil, Mexico and others. The US has also been affected. In fact, the birth rate in 2013 hit a record low (http://money.cnn.com/2013/09/06).  As birth rates decline. the number of people over the age of 65 continues to grow. The 2010 Census showed that there were more than 40 million people 65 and older in the US which was an increases of 15 percent from the census ten years earlier. This group now represents 13 percent of the total US population (www.census.gov).

As this phenomenon grows, marketers will be forced to place more emphasis  of this growing set of customers. They will be forced to balance the needs and demands of older adults with those of other generations. With the ever increasing number of older adults, firms will have no choice but to adapt their product offerings and their approach. Firms will be asked to create products that meet these customer’s needs but they will be challenged with being able to do so without highlighting the growing effects of age.

To be successful, marketers must understand aging. While they have focused on the life cycle of a product, they must instead focus on the life cycle of their customers. Marketers must understand how aging impacts self-image and relationships. They must also understand how aging affects capabilities. Ultimately, they must understand how aging shapes consumption. This requires more than the customer insights we collect today. This requires an understanding of how customers’ needs change across their life cycle  This is a holistic shift. Are we ready? Only time will tell.