The Silver Generation as Potential Purchasing Power in Budapest: a Case Study

Abstract

The age structure of the society in the individual countries belonging to the Visegrád Group has changed significantly since 1989. In Hungary, changes in the age structure have had a great impact on the whole economy. The process of aging in society has been going on in Western Europe and will probably continue. Unlike in the Western European countries, in our region the significance of the purchasing power of the elderly has not yet been fully recognized. There is no best practice or strategy to attract the ever-growing age group; applying marketing to seniors is a novelty in the business sector. Shopping centres and e-business face great challenges in the near future, and the change incorporates the risk of failure or renewal. Although the processes apply to all shopping centres, due to the number and the purchasing power of the seniors, malls in Budapest are more affected. Their situation is not the same even in different areas of the capital, as the composition of the buyers in their gravity zone is different. It is up to their own features, and decisionmaking abilities whether they will be able to adjust to the new circumstances, who will “win” and who will “lose”.