Senior citizens coming of age: Harmony study

The 50-plus generation (also defined as the silver generation) is the wealthiest and fastest growing group of consumers in India. Their population is expected to increase from 80 million, at present, to 96 million by 2011, according to a study by Harmony for Silvers Foundation (HSF), a non-governmental organisation run by Tina Ambani, wife of tycoon Anil Ambani.

"Even if marketers focus on the 25 per cent in the urban areas, it is a huge segment," said Ambani. "Though the sheer number of silvers in India makes them a huge force to reckon with as they have a huge spending power, companies have not paid enough attention to this segment," said Ambani.

While everyone from economists and management consulting firms use the promise of a "Young India" as a compelling argument to pit India against an "Ageing China", the study says marketers might be missing the big picture.

"The silvers might not splurge on luxury products, but it is incorrect to assume that older consumers are resistant to change," she said. "They are the charmed generation, which has a level of spending power unlikely to be matched by future generations."

According to the study, around 1.2 million silver generation consumers own cellphones. Categories such as apparel, shoes or even sanitaryware could develop products designed to suit the needs of the silver generation, according to Ambani.