Four Faces of Silver Consumers: A Typology, Their Aspiration, and Life Satisfaction of Older Korean Consumers

Abstract

Lifestyle patterns of older Korean consumers are examined by conducting a nationwide survey. The data are analyzed using a three-step approach. First, the underlying dimensions of senior consumers’ value system are identified using factor analysis. Based on 31 life-style and value items, six factors are obtained. The analysis suggests that the valuesystem of senior consumers can be described using the following six factors: (1) Socially active, (2) Optimistic & innovative, (3) Health conscious, (4) Independent, (5) Financially concerned and (6) Nostalgic tendency. Second, these six factors are then utilized to identify clusters of senior consumers with similar value profiles. The cluster analysis identifies four major groups of senior consumers: (1) Healthy hermits, (2) Care frees, (3) Optimistic socials, and (4) Fragile reclusives. Finally, to examine whether the identified value-based clusters can also be differentiated in terms of key demographic variables, a discriminant analysis is conducted. The results show that the four clusters have distinctive patterns along demographic variables. The examination of the aspirations and life satisfaction of the clusters show that significant differences exist among themselves. These differences in aspirations and life satisfaction are consistent with the traits and attitudes of the respective clusters and provide ample support for the grouping of older Korean consumers.