Antara, a part of the $3 bln Max Group, today released the findings of its survey titled ‘State of Seniors’. The survey, a first of its kind, attempts to bring out insights on the lives, aspirations, preferences, opinions, and the consumer behaviour traits of seniors in India. The findings come at a significant time when India is beginning to experience major demographic shifts with a growing senior population. It is critical to understand this demographic cohort better to offer them professional and specialized services, in line with their evolving needs, enabling a healthy and happy ageing experience.

Over 60% of the respondents said that unemployment, economic slowdown, and corruption are major challenges for India. Vocal for Local campaign has received a thumbs-up from seniors with over 70% of them supporting the initiative. 

The survey was conducted across urban India, with a focus on the North (Delhi-NCR), the West (Mumbai & Pune), and the South (Chennai, Bangalore & Hyderabad), covering over 2,000 seniors aged 55 and above. The research was conducted in collaboration with Access Media International, an established strategic consulting and publishing firm, over a period of two and a half months from October to the first week of December this year.

Over 20% respondents not worried about COVID-19

The COVID-19 pandemic and the resultant lockdown had a major impact on seniors. Seniors across the country were forced to remain indoors without adequate support for their daily medical and household needs. The survey findings significantly reflect the challenges seniors had to face during the lockdown. Among their major concerns during the lockdown, nearly 30% feared contracting the coronavirus, while 29% seemed to be impacted by social isolation due to restrictions on account of the lockdown. However, over 20.3% of the respondents noted that they were not overly worried about the pandemic or getting infected with the virus.

More than half applaud Indian Govt’s pandemic response

Further, close to 55% of seniors have praised the government of India’s efforts to contain the pandemic on all or some aspects, despite the widespread disruptions it caused in India and around the world. The initial economic response to the COVID-19 pandemic with a stimulus package of $268 billion clearly demonstrated India’s strong resolve to rebuild the economy and provide financial support to millions of people. Besides, lockdown was imposed in India as early as March to contain the spread of the virus. These proactive steps clearly helped the government convey a positive message to the citizens about its response to the pandemic. However, 24% of seniors still expressed concern stating that India failed to manage the healthcare crisis.

Close to 80% seniors prefer living independently

As the COVID-19 cases witness a surge, seniors continue to remain the most vulnerable and high-risk demographic segment who might need regular support for their daily living activities. Surprisingly, the survey found that 77% of seniors across the three survey regions live independently either in their own or rented houses. Only 16% seniors said that they live with their children/grandchildren. Seniors are increasingly preferring to live independently mostly in conventional establishments, but a reasonably large proportion - 12% in Southern metros residing in senior living communities.

Commenting on the survey findings, Rajit Mehta, MD and CEO, Antara said,” The ‘State of Seniors’ survey is highly relevant for a country like India that is expected to witness major demographic shifts. Over the next few years, senior population will constitute a significantly important consumer segment and will need specialized services and products for a hassle-free ageing experience. Through this survey, we aim to highlight the mindsets, attitudes, social preferences and purchasing behaviours of seniors in India so that we are able to cater to their age-specific needs with the right products and services. This, I believe, will be a major step towards unlocking the economic and social potential of this segment.”

North & South divided on ‘Aatmanirbhar Bharat’ campaign

The survey also recorded seniors’ views on recent developments in the country, especially the recent call for ‘Aatmanirbhar Bharat’. Over 70% respondents across the country strongly supported the Vocal for Local initiative with a higher number of seniors from the North (55%) and the West (42%) as compared to the South (11%) supporting it. In the South, almost half of the respondents either, said they do not really endorse the campaign with 2% not supporting it at all. Government of India’s recent reforms efforts and supportive policies clearly outline its strong intent on rebuilding the economy in the post pandemic world.

Corruption #2 top concern in India: Seniors

In another finding, 64.2% seniors in the survey felt that increasing unemployment and slow economic growth are major issues that affect India’s growth. Close to 59.4% also said that corruption is a serious threat for India’s development.

Most seniors worried about health, finances

On being asked about the fears and concerns seniors have as they grow old, a majority of them rated remaining healthy as their top worry followed by financial stability and independence. Interestingly, the ability to handle electronic gadgets and smartphones seems to be no longer a concern for seniors in the surveyed regions.

Insurance penetration low even among seniors

The COVID-19 pandemic also highlighted the importance of health/medical insurance for seniors. The survey revealed that 31% of seniors have insurance coverage worth INR 05-10 lakhs, while 11% stated that they have no health insurance. Among the three regions, South India has the best health insurance coverage for seniors with all respondents having at least one health/medical insurance, while the Northern (17.7%) and the Western (16.3%) regions have reported a relatively high number of seniors with no medical/ health insurance.

As the senior population grows in size, India will need to look at them both as an important consumer segment and as an essential part of its ambitious growth. An understanding of their needs, wants, preferences and lifestyles will be critical in developing senior-specific services and products and in unlocking the economic potential of this segment.