Exploring the Mature Market


Here at Chadwick Martin Bailey, we recently conducted some really interesting research in partnership with MetLife to really explore the mindset and behaviors of the Mature Market. We conducted the research using a “Build Your Own” trade-off exercise along with a MaxDiff methodology that we’re really excited about. And unlike most of the work we do, the information is actually public and you can access it here:

http://www.metlife.com/assets/cao/mmi/publications/studies/mmi-discovering-what-matters-study.pdf

Here are a couple of myths that the study data breaks down:

1. Myth: The Good Life = material wealth. When asked what contributes to living a purposeful life, respondents were selected spending time with friends/family (86%) and taking care of their physical self (63%). These purpose-driven activities are increasingly important as people age.

2. Myth: Happiness = the absence of misfortune. 59% of the respondents experienced at least one such negative trigger event over the past 12 months. Most trigger events are not under a person’s control, but Americans who live the good life are able to regain happiness through the meaning in their lives.

3. Myth: The Good Life = more (more friends, more money, more health, more activity). The highest percentage of those who say they are living the good life are the Meaning-Minded. The good life comes from balance and alignment of financial security, health and meaningful activity.


According to the findings, there are five basic types of people defined by the value they place on the core components in their lives - money, medicine, meaning and place:
1) The Balanced Givers, 2) The Meaning- Minded, 3) The Balanced Individualists, 4) The Financially Focused, and 5) The Hyper-Individualists.

The Financially Focused may have a strong vision for the future and engagement in meaningful “work” that provides purpose and fulfillment, but are least likely to say they are living the “good life” level. The study used a gap analysis technique to characterize individuals in the study.

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