The living standard of the generation of Czech people aged 55-69 is improving. Those who are retired want to spend their time more actively than previous generations of seniors. This follows from a new wave of research by OMG Research focused on the so called silver generation. Research mapping the life values, consumer and media behaviour of the 55-69 generation was last conducted in 2016. OMG Research repeated the research this year and the results can thus be compared over a span of six years. The research was conducted in cooperation with J&T Banka and was presented at Media Club’s meeting with business partners.
The number of people over 55 who are economically active in the Czech Republic has increased since 2016. According to OMG Research, 45% of the population are now economically active, up six percentage points since 2016. The average monthly net household income has also increased to CZK 35 thousand from CZK 23.7 thousand in 2016. Seniors believe that they will spend their old age more actively than their parents. They spend a lot of their free time at home, they are interested in DIY and gardening, and are fulfilled by taking care of their grandchildren. Most often they wish to travel or go on holiday, to better furnish their house or apartment and to enjoy cultural events or visit restaurants. Compared to 2016, today’s 55-69 year old generation is more concerned about their health (+16 pp.) and about their appearance (+17 pp.). They also desire financial and physical independence and do not want to depend on others.
Restrictions during the Covid-19 pandemic have also resulted in an increase in online shopping among the 55-69 generation. 21% now shop online at least once a week, an increase of seven percentage points since 2016. However, people in this age group still prefer brick-and-mortar stores to online shopping. Up to 82% of consumers aged 55-69 are willing to pay extra for quality goods. Compared to the younger 15-54 generation, the 55-69 generation is more likely to pay attention to the type of goods they buy and less likely to place emphasis on brands. The silver generation shops at farmers’ markets more than the younger generation and prefers to produce as much of their own food as possible.
The most popular and most frequently purchased brand among the 55-69 year old generation regardless of category is Samsung, followed by Adidas and Skoda. For the younger group, Nike, Adidas and Apple are the leading brands. There is no significant dominance of a popular brand at the expense of a purchased brand, which indicates a more realistic view of the older generation, more rational shopping and different financial behaviour (e.g. higher savings rate). Almost half of this generation has their money in a savings account (46%). They often invest in their children and grandchildren, and when it comes to financial appreciation, investments in mutual and investment funds and in real estate are the highest (18%). This generation is also less likely to be in debt than younger generations.
The most popular The most purchased
Q: What are your most favourite brands? Please specify/ What are your most frequently purchased brands? Spontaneously. (Base, 15-54 years N= 206; 55-69 years N=808)
The media behaviour of people aged 55-69 is still significantly influenced by traditional media. Compared to the 15-54 age group, they watch more TV, read print media, listen to the radio and visit news websites. However, there are noticeable changes compared to six years ago. Even in the 55-69 group, consumption of printed newspapers and magazines has fallen by about a quarter in average weekly frequency, while there is a significant increase in visits to internet news sites, internet use on PCs, watching videos on the internet and visiting social media. But the biggest increase is in mobile internet use, which is almost threefold with the frequency of use at least once a week. In terms of TV viewing, linear TV still holds the upper hand (two-thirds watch linear TV). Most of them make do with the basic offer and have no need to buy VOD services.
More than today - The same - Less than today
Q: For each of the following activities, please indicate whether you did more, the same or less of it five years ago than you do today. n=808
Source: mediaguru.cz
