Brands and Increased Life Expectancy

The growth in life expectancy generates multiple market opportunities for groups of people over 50, who generally have higher budgets to spend, but are often excluded from brand messages.

Friday, October 4, 2019

According to reports from CentralAmericaData, so far in the 21st century life expectancy at birth has increased in all Central American countries. Figures show that between 2000 and 2018 in Costa Rica the indicator increased from 77 to 81 years, in Panama from 75 to 78 years, and in Honduras from 70 to 76 years.

In the case of Nicaragua, it went from 71 to 76 years, in El Salvador from 69 to 73 years, and in Guatemala from 66 to 73 years.

You may be interested in "Where are the consumers who spend the most?" and "Where do consumers transit?

Regarding the growth of the adult population in Costa Rica, Flora Proverbio, director of Ethnos Strategy, told Elfinancierocr.com that "... In 1970, people from 0 to 14 years old represented 45% of society. Today they are 22%, that is, of all the Ticos, only 22% are between 0 and 14 years old. And the people who were over 64 years old were 3.19%, today they are almost 10%. We already have three times as old (if we believe that saying old is bad, we already have a problem), and many fewer children."

Juan Bernárdez, researcher and director of White Rabbit 4AM Saatchi & Saatchi, explained that "... in Costa Rica from 35 years old there begin to be peculiarities in purchasing power, and some are accentuated as people fulfill certain stages. With age, the budget increases free of expenses and fixed expenses begin to decrease, for example because children no longer go to school and have freed themselves from accounts such as mortgages."

Including the adult population over 50 in advertising messages that show them doing daily activities, as well as younger people, is one of the recommendations of specialists to capture the intention to buy this segment.

CentralAmericaData has a complete system of qualitative and quantitative information, which allows to identify patterns of behavior and preferences of consumers in any market in Central America. We have detailed information on the number of people who travel through certain areas and their socio-demographic characteristics, such as sex, age, socioeconomic level and other relevant data such as interests and preferences.
The tool provides information on the concentration of the population by age groups, fundamental data for making business decisions such as where to open a new sales point, where to make a promotional activation, among others.

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More on this topic

Consumers: Purchasing Decisions and Budgets

September 2019

Because between 2018 and 2019, the consumer's fixed expense free budget in Costa Rica is estimated to have decreased from 18% to 14% of total revenue, four out of ten buyers made the decision to change brands, and two are considering doing the same.

A study presented by Elfinancierocr.com, explains that women are the most affected by the economic situation of the country, since they said that after subtracting all their fixed costs, they only have 12% of their budget.

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On average, consumers who belong to 30% of the group of people with the highest consumption capacity in the Metropolitan Area of San Salvador travel through the streets of Antiguo Cuscatlán, and 4 out of 10 are between 21 and 30 years old.

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Which Brands Don't Succeed in the Female Market?

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When brands don't know how to approach women, this segment of the population removes products from their value equation because they can't establish a rational, less emotional relationship.

4AM Saatchi & Saatchi White Rabbit together with Prensalibre.com carried out the study "A Guide to Understanding the Consumer", and one of its objectives was to understand how women behave with respect to brands in the Guatemalan market, in a context of economic slowdown.

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A growing segment of the population is starting to gain weight as a group of consumers of increasingly specialized high-cost services.

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