Middlescents, an untapped consumer market: research
Middlescents, an untapped consumer market: research
Middlescents represent a largely untapped consumer market for numerous businesses, experts said.
A couple at the middlescents goes shopping. Middlescents presents an attractive target audience that can be strategically engaged. – Photo Courtesy Visa Vietnam |
The term "middlescents" refers to individuals born between 1965 and 1980, comprising over 31 per cent of the global population. With unique consumer preferences and considerable purchasing power, middlescents present an attractive target audience that can be strategically engaged.
A recent research collaboration between data and consultancy companies Kantar and Visa has shown that this generation leads in terms of spending compared to other age groups.
Despite their sizable numbers and financial capacity, a significant portion of middlescents is often overlooked and underserved by brands, indicating a promising untapped market segment, according to the research that involved 1,150 respondents in Việt Nam.
The research further reveals that in Việt Nam, 84 per cent of middlescents are inclined to spend on personal hobbies and interests, slightly surpassing the Asia Pacific average of 82 per cent. Additionally, 80 per cent of Vietnamese respondents are planning to increase expenditures on out-of-home leisure activities in the next 12 months. Furthermore, 47 per cent are considering indulging in a well-deserved vacation, while 58 per cent are interested in investing in premium products and services.
“Middlescents expectations include a digital payments journey that is intuitively customised, seamless, and secure. Although they are influenced by the younger generations' embrace of digital payments, middlescents also have the capacity to guide and inspire these younger cohorts in their own unique ways," said Dung Đặng, Visa country manager of Vietnam and Laos.
Although the term "middlescence" was coined six years ago, the specific needs of this age group have only recently gained increased attention. As individuals from Generation X transition into middle age, they undergo significant changes in health, career, and familial dynamics, reminiscent of a second adolescence.
This pivotal life stage is marked by a renewed emphasis on personal interests that may have been sidelined due to work and family obligations. With newfound personal time, middlescents are exploring their identities and planning travel experiences tailored to their and their families' preferences.
During this phase, middlescents prioritise self-discovery and seek unique experiences that reflect their individuality and authenticity. Embracing AI and technology for travel planning, they leverage the increasing accessibility and simplification of travel options.
Many middlescents are comfortable spending extended periods in immersive digital environments, as noted by 51 per cent of Vietnamese respondents, with 49 per cent expressing interest in using virtual reality or augmented reality for shopping. This trend offers significant opportunities for businesses to adapt to evolving customer preferences in digital commerce and payments.
