Smartwatches for the growing 65+ crowd.
There are a handful of companies popping up around the US with the specific focus of creating smartwatch like devices for senior citizens.
The general idea for these devices is to help seniors get help if need it, sending medication reminders, tracking their activity, and aiding them if they get lost. All common concerns for seniors and their caretakers alike.
According to an article in Time Magazine, these products look like everyday accessories, like watches and bracelets, but have a lot more tech savviness built-in. Some of the watches can detect a fall and activate an emergency protocol if the user is non-responsive.
According to Stephen Johnston, co-founder of Aging 2.0, a manufacture in the space, “ [these products] normalize the experience of getting old and makes people comfortable with the ability to get help without having to telegraph it to everybody.”
These technologies are likely to be well received because many Boomers are becoming quite tech-savvy. According to their, “Marketing to Baby Boomers” report, Mintel says that 38% of Boomers frequently use different types of technology at the same time (e.g., watch TV while using a mobile phone, tablet, laptop, or other type of computer). Their aptitude for technology and connected devices is only anticipated to grow in the coming years, including their interest in wearbales.
While the majority of Boomers have sited a lack of interest in wearables today, usage trends, are saying otherwise. According to the same report, because of the rise of internet accessibility options and the shrinking costs of hardware products, Boomers are more likely to adopt technology into their everyday lives, more than they were 10 years ago.
So, why is this important? One Word: Size.
A recent Pew Research Report found that by 2050, there will be more than 1.5 billion people globally over the age of 65. That’s triple the size it is today making this demographic the fast growing group, globally. In the United States alone, the population of seniors is expected to more than double, from 41 to 86 million. This is a huge population with huge buying power with a mindset rooted in independence.
For more information on the growing 65+ community, check out the “Old Gold” webinar, available now on Mintel.