[SeniorBiz Insight] Grandfather Riding a Harley, Grandmother Playing Games

Professor Kim Jeong-geun, Department of Silver Industry, Gangnam University

There is a common misconception about senior business. It is the belief that senior business only targets products or services for the elderly. However, this notion is incorrect. Within the senior business sector, there are many areas that not only the elderly but also younger generations can enjoy together. In fact, older adults tend to prefer products or services used by all age groups. Using them across generations reduces psychological resistance and helps alleviate social isolation through interaction with younger generations.

So, what themes resonate with all generations regardless of age? The most representative one is "enjoyment." We would like to introduce senior businesses that provide enjoyment regardless of age. At first glance, this field may not seem like traditional senior business. However, within it lies an important element that can lead to successful senior business.

The first area to focus on is amusement parks. Usually, we tend to think that amusement parks are a declining industry in today’s aging society. But in reality, amusement parks are not exclusive to children and young people. For middle-aged and elderly people, amusement parks become special places where they can find emotional stability and relieve stress in a leisurely atmosphere. Japan, which experienced aging about 20 years earlier than us, transformed amusement parks into places where all age groups, including seniors, can experience enjoyment. In 2013, Tokyo Disneyland celebrated its 30th anniversary. At that time, the population aged 65 and over already exceeded 25% of the total population in Japan. However, Tokyo Disneyland promoted itself as a place where seniors and middle-aged people could relive memories of enjoying the park hand-in-hand with their parents 30 years ago, or cherish youthful moments with their beloved children and partners. They also sold discounted tickets to seniors aged 60 and above. Since then, Tokyo Disneyland has expanded its "barrier-free" services so that everyone, regardless of age, can enjoy the park. They widened entrance gaps to accommodate wheelchairs and created rides accessible to wheelchair users. Thanks to these efforts, Tokyo Disneyland has been able to continue growing despite Japan’s aging population and low economic growth.

The second area is video games. In Korea, video games are mainly known as a young generation’s interest, but globally, they have become a field loved by all age groups. For example, a 72-year-old man gained over 80,000 subscribers on YouTube by playing Minecraft, and another 72-year-old man reached the highest rank in Counter-Strike 2 earlier this year. One of the most popular senior gamers on the internet is Shirley Curry, an American born in 1936. She is famous as an influencer with 1.31 million YouTube subscribers for her Skyrim gameplay. Unfortunately, at age 88 in 2024, she decided to stop uploading gaming videos. Nevertheless, many seniors are still active in video games and on platforms like YouTube. For seniors, video games mean more than just entertainment. Online content provides opportunities to interact with people worldwide and share their interests regardless of age.

The third area to examine is leisure activities. Among leisure activities enjoyed together with younger generations, Harley Davidson has recently gained great popularity among seniors. Harley Davidson is not just a motorcycle. It symbolizes freedom, challenge, and adventure for riders. Moreover, Harley Davidson offers a strong community that unites people with the same hobby. This community, called the Harley Owner's Group (H.O.G.), provides seniors with friends to enjoy long rides and organizes various events and opportunities for social interaction. The ability to enjoy social exchanges through a strong community even after retirement is a significant advantage. What Harley Davidson sells is not merely a means of transportation but a network where people can share life values and meaning.

The new generation entering the senior demographic recently shows different characteristics from previous seniors. They boldly challenge activities enjoyed by younger generations regardless of age and find new enjoyment in them. Their confidence, expressed as "What does my age matter?" and their enjoyment of life regardless of age, reflect not just an attempt to forget their age but a deep passion and curiosity for life. Now, senior business is evolving beyond age-based frameworks to enrich the "quality of life." Whereas in the past it was a limited approach targeting only the elderly, it is now expanding into a business model centered on consumers with life experience and wisdom, offering more diversified opportunities and choices.

Professor Kim Jeong-geun, Department of Silver Industry, Gangnam University