India's Silver Boom: Unlocking Marketing Strategies with Antara's Rohit Khatua: PRmoment India Podcast

 24th April 2024    Podcasts 
 Paarul Chand

India's silver economy is growing fast on the backs of an ageing population with income.  A

February 2024 position paper by NITI Aayog,“Senior Care Reforms in India: Reimagining the Senior Care Paradigm” stated that the senior care industry, which is presently estimated at 7 billion dollars.

The over-60 population is currently at 10% of India's total population of 1. 4 billion and is expected to double to 20% by 2050.

More Stories: Do enter the PRmoment Health Comms Awards 2024. Deadline is 20th May 2024

There is, therefore, a significant opportunity for growth as senior care is still in the early stages in India. But what drives the silver population (over 60) to engage with products and services? What channels of communication do they use, and how tech-savvy are they? To answer some of these questions we speak to Rohit Bishnu Khatua, CMO, Antara Senior Care.

Listen in: 

Summary 

1:56: Communicating to both audiences - seniors and their adult caregivers. 

"Children of seniors would seek a sense of reassurance, a sense of safety and a sense of comfort that, even in their absence, their seniors, their parents, their elders are being taken care of."

8: 22: The changing demographics and society driving the need for senior care

"While everybody is chasing the youth demographic because that's where the spending power is there. What they're missing is that the intention to spend, the need to spend, is as much there in the seniors."

13: 11: Growing senior population

 "Something which is missed by a lot of industry and other sectors and businesses who could get into senior care is the fact that today, we have about 150-160 million seniors in India, which is about 15 -16 crore seniors.

18: 26: Gaining senior trust 

"So the power of word of mouth and referral is very important... and that is something that I think is difficult to extract based on sheer, one-way communication."

24: 35 Power of Earned Media 

"Earned media does play a big role, it's a section of the audience that believes in word of mouth and nobody wants to try something that has not been tried or endorsed earlier."