An Empirical Analysis of Older and Younger Consumers’ Determinants of Consumer Electronic Products Ownership
1.1 Aging Societies and the Importance of Older Consumers In the nearer and farther future many countries will be affected by profound demographic changes. To be more precise, most of the concerned countries are already in the middle of this process. The average age of most industrial nations has already increased and will grow even further. For example the median age1 of the German population increased from 32 years (men) and 37 years (women) in 1950 to 44 years (men) and 46 years (women) in 2010. It is forecasted to fur- ther increase by nearly seven years (men) and eight years (women) in the next 50 years, so that by 2060 the median age of the male German population will be around 51 years and that of the female population around 54 years (s. Figure 1). Another remarkable growth-rate can be observed for people aged 60 or older. This age group will grow by an impressive 22% from 21.5 million in 2010 to 26.2 million in 2060 while the group of persons who are younger than 60 years will experience a sharp drop by 36%.2 As will be shown later, demographic trends are relatively stable and hardly changeable. Therefore, it can be expected that these numbers portray a realistic scenario presenting major challenges for the future.3 So far, the general discussions about the demographic change centered mainly around negative aspects of the aging society. In politics, financing the social se- curity systems has for a long time been the dominating...
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