The aging consumer : perspectives from psychology and economics

The ageing consumer and intergenerational transmission of cherished possessions
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Experimental researchers typically use a statistical hypothesis testing model which involves making predictions before conducting the experiment, then assessing how well the data supports the predictions. Gutchess, Cognitive Psychology and Neuroscience of Aging. The majority of older adults can still identify sweet, sour, bitter, and salty foods, but it helps greatly when these flavors are concentrated because the number and size of taste buds decreases with age. They carry different assumptions about such issues as the role of the unconscious and the importance of childhood experience. The following items were successfully added. By many accounts psychology ultimately aims to benefit society. Every day in the United States, 10, people turn

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The aging consumer : perspectives from psychology and economics

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Among the middle age and younger populations, anxiety about caregiving responsibilities is growing. In many ways, aging is a personal concern, but coping with this demographic shift will not come down to individual effort.

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In , the World Health Organization WHO convened a meeting with city leaders in Vancouver, Canada to discuss the parallel trends of global aging and urbanization: By , around three out of every five people will live in cities, and many of those people will be elderly. The application required cities to perform a baseline age-friendliness assessment, and present a three-year plan to improve that metric. At the core of that shift will necessarily be a philosophy of breaking down generational boundaries, that older people and younger people can and should benefit from each other.

For truly productive intergenerational communication and collaboration to take place, though, our cities and communities will have to engage in some fairly comprehensive structural overhauls. Structurally, communities tend to sequester aging populations into specific systems: senior centers and vans that transport elderly people from said centers to whatever activity is designated for them that day. WHO outlines a list of requirements for upgrading transit systems for aging populations, and includes the expected: Making timetables and arrival boards legible; adding adequate priority seating; ensuring the routes run to destinations like medical facilities and parks.

In many areas, though—particularly where public transportation is not fully fleshed out—driving remains one of the only consistent options for transit. And there are a handful of apps geared more specifically toward the aging demographic. Lift Hero , a ridesharing service for seniors, has already capitalized on this idea, connecting elderly people in need of rides with drivers—many of them training to become doctors—who will get them where they need to go, and recognize any additional needs.

Another tool, called Circulation, launched last fall to provide non-emergency transport for patients in need of seeing the doctor. But transportation is only one side of the coin. These types of developments, too, in conjunction with more comprehensive transportation options, will go a long way toward ensuring aging residents will be able to remain in their communities. The Atlanta Regional Commission ARC , where Lawler works, performed an economic analysis of the impact of welcoming retirees in the county area around the city.

Keeping aging people in communities—and attracting new people of traditional retirement age and above—is an economic force on par with tourism, says Mike Alexander, research and analytics manager for the ARC. Overhauling how homes and communities respond to the needs of aging people will help keep them in place and contributing to the local economy.

Rather, recent cross-national studies have show that higher rates of employed elderly people generally denote strong economic circumstances—which correspond with more jobs for younger workers.


The Aging Consumer: Perspectives From Psychology and Econ and millions of other books are available for Amazon Kindle. Aimee Drolet is Associate Professor of marketing at UCLA, Anderson School of Business. His research focuses on human cognition, communication and judgment. The aging consumer: perspectives from psychology and economics / edited by. Aimee Drolet, Norbert Schwarz, Carolyn Yoon. p. cm. Includes bibliographical.

But diversity in business is generally talked about in terms of race, gender, and sexuality. As a Boomer who works on a team with millennials, Irving has seen firsthand how people of different ages can collaborate to produce innovate business solutions. Companies like BMW are already taking this approach: In , the German manufacturer realized that over the next 10 years, the average age of its workforce would increase from 39 to Instead of panicking, BMW decided to adjust and figure out how to best incorporate older workers into all aspects of production.