Older Consumer Well-Being: A Life Course Perspective

The key objective of public policymakers is to develop policies that enhance individuals’ well-being over the long term. To achieve this, policymakers must familiarize themselves with the factors influencing individuals’ welfare throughout their lifespans. Businesses also have the potential to contribute to improving their consumers’ quality of life. To do so, businesses must embrace the concept of well-being as an instrument that can help them achieve their corporate goals and shift their philosophy from merely satisfying short-term customer needs to creating a positive and long-lasting impact on consumers’ lives while still generating profits throughout the process of facilitating this transformation. This chapter provides an overview of the factors that affect the well-being of older consumers, aiming to sensitize decision-makers in both the public and industrial sectors to better achieve their goals by helping consumers lead better lives in their later years. It also suggests several general strategies and specific tactics that companies serving older consumer markets can employ to enhance the well-being of older consumers. The chapter also provides directions for future research to help researchers focus on understanding how to help consumers change their habits and lifestyles, take actions that can enhance their well-being, and avoid those behaviors that inhibit well-being at any stage of life.