Understanding "silver" consumers through cognitive age, health condition, financial status, and personal values: Empirical evidence from the world's most mature market Japan

Older consumers remain under-researched, especially in Japan, the country most severely affected by demographic change with a rapidly aging and shrinking population. This paper aims at a better understanding of Japanese older consumers through cognitive age, health condition, financial status, and personal values. This study is the first one using these variables together on a sample of 316 older Japanese consumers. The age perception of the respondents was found on average 8 years younger than their actual chronological age, in line with the assumption of cognitive age being universal. Four groups were identified revealing a decrease in the difference between chronological and cognitive age with lower levels of health and wealth. The difference was found higher for people feeling healthy and poor than for people feeling in poor health and wealthy, thus indicating that feeling in good health was having somewhat more impact on the difference between actual and cognitive age than feeling wealthy. Respondents gave top ranking to "warm relationships with others", second importance to "security", and third importance to "fun and enjoyment in life". The rankings of "excitement", "fun and enjoyment in life", and "sense of accomplishment" were showing a significant decrease of importance with higher cognitive age groups. Copyright (C) 2011 John Wiley & Sons, Ltd.