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Now, here another interesting thing.
In many parts of Europe the countries are
under pressure. In my country for example,
we..our population was falling
quite quickly. In parts of my country,
in Germany, in Greece, in Italy,
and indeed in parts of Bulgaria,
you need 8 great-grandparents
to produce a single great-grandchild.
It's because the number of children per
couple here in Bulgaria is now around
1.2 or 1.3. So, we know that
1 in 3 Bulgarians will be over 65 by 2050
unless something changes, and it might.
We know that only 50 percent of the population
will be of working age by then.
But, things can change. In
my country, it has changed, dramatically. Our country was
heading for a big crisis, suddenly we are growing.
You see, you either have to make babies, or you have to
import them.
You have to find them from somewhere.
And as they come, people bring down
customs, and their own culture, and I know
there has been in the news just recently, in the last month about
Syrian refugees coming. I'll tell you, this is sensitive.
I know these things are sensitive.
But people who come are new markets.
In my community in London
we have seen an explosion of
Polish shops, because
1 million people from Poland came
to the UK. And, actually,
600 thousand have gone home. They made money
they have gone home. But they all bought things.
And they were looking for Polish food. A Polish
technician to explain how to install a Polish TV
in a Polish home. They're looking for service
for cultural understanding, new markets.
And, my observation is this.
That often those that travel the longest distance
who are most desperate to move, are
extremely well qualified, much better qualified that the average people at home.
You may find the doctors, the nurses, the clinics, the graduates, they're coming.
They're taking basic jobs, here or
in London. But they are building wealth. They are
keen to work. They are creating the wealth of the
future. They are new markets and opportunities for every business
in London, in Manchester, in other parts of the
UK. But, the needs of older people
are very different. And
the big question is: older customers,
middle-aged customers, young customers, how do we meet
their different needs and provide the right products,
the right services and the right channels for them?
It all depends on who you are, and now, we're going to see
a perfomance...
..Wasn't that great? I really enjoyed that. And, I want to
take us back to this couple here, and
you imagined that this old woman was walking, just now.
What's the first thing that she needs when she's shopping?
The most important thing for anyone
over 65, when they're shopping, is of course
somewhere
to sit. Somewhere to sit. Okay, this is a question to men:
Put your hands up if you have been shopping with your wife for clothes
in the last year? Okay.
Put your hands up if you are looking for somewhere to sit whilst she got changed.
Did you find it?
Yes? No. Okay.
Chairs are very important as part of retailing.
It's the quickest way to sell a product, because, when they are sitting down,
'Oh hello. How can I help you?' And now, we're in a big
conversation. So, it's the little things,
it's not just seating, I'll come back to it, but it's something else as well.
Countries are different. In my country,
75 percent of all the wealth
is owned by those, over the age of 50. So, if we look
at the growth of
spending, we are seeing it growth in the oldest group
the more that 55-year-olds, growing, growing, growing.
The youngest groups, not so much. I know it's different in different countries,
but,
if we think of restaraunts
in XX, I know that many of the best restaurants,
have people in them who are 50,
55, 56, very successful,
some of them are here. The big question is:
when you go to a restaurant, and you're
sitting, about to have a meal, and you ordering your menu,
and you pick up the menu,
to read it. Put your hands up if you need your glasses
to read it -you have to put your glasses on to read the restaurant menu.
Okay? It's because we're getting old,
because we are over the age of 50.
But here is a crazy thing. Here is a
menu for the restaraunt. This is the primary
marketing document for the restaurant.
Is the menu. And a primary
customer group, are those over
the age of 50 and none of us can read it. None of us.
Because we're all so old that we need glasses to read.
I went to a restaurant recently.
in Singapore. It was so dark
and the restaurant menu was printed
so small, that even, with my glasses,
I couldn't read it. And the waiter,
the waitor came round with a torch. He said,
'Sir, here is a torch for me to light up the menu,
so you can read it.' So,
it's an example of how again, we are blind
to our customers.We need to understand how our customers
think, what they can see, what they can't see.
And this takes me to the online...