week 0: introduction

Mar 27, 2021

Who Am I ?

Hi, I am Alex Gu. Currently studying in BASIS independent Brooklyn, I been living in NYC for almost 3 years. I am a feverish sports fan, who loves basketball, golf, swimming,cycling, boxing, and video gaming ( if you consider this as a sport).

In college, I am aiming to study in the field of biology, business, and education. I am very interested in the molecular biology or genetic engineering. At the same time, I have passion of improving our current education system since our current education system and value is mostly established during the age of industrial revolution which it have not been changed much since then. I believe we need both expanding education and changing  the aim of teaching, since I believe that the real poverty is not only economical wise, but unable to fully realize one’s potential.

 

What Am I Researching?

Same as most of sports fan, I also have all set of sneakers for different sports, from basketball shoes to golf shoes, from work out shoes to hiking shoes, and, most commonly used, the running sneakers.

Walking/Running sneakers are the most popular type of sports shoes among the world and in the market. Walking/Running sneakers bring firms like Nike more than 4,000 millions dollars per year. However, although this market seems mature and fully compensated, it ignores a group of customers: Seniors or people who are age 60 or above. Most of Walking/Running sneakers that are currently exist in the market are majorly designed for young people.

As the figures below shows, we could see there is not much opportunities in the market among young market ( age under 20 – 30) since large portion of the market share had been took by single firm, Nike. But, if we look into senior market where baby boomers located, the market is almost well and evenly distributed which indicate there is still opportunities for new firm to come out with a good product and compete in this portion of the market.

My research is focus on the senior shoe market, specifically the marketability and customer demand of the market. My main research will be taken place in China, where possess 254 million seniors in 2019 and projected to have 366 millions seniors by 2050.

 

Why Seniors?

I believe you must be curious about why would I choose senior market? In our daily life, everything around us are designed to attract young people’s attention, from soft ware like instagram or Tik Tok to products like Louis Vuitton bags or Jordan sneakers. It seems only young people have the buying power, and seniors market do not have any potential to explore.

I wouldn’t say this type of thinking is wrong or it might even be real for now, but it might not be the same after 10 – 20 years. Projected in 2030, U.S will have 78 million people age above 60, which is 20% of population. Globally, there will be around 1.4 billion seniors by 2030, and this trend of increasing aging society will continue among most of developed countries and some of developing countries globally.

As we see senior market as a huge emerging opportunity in the future, I find out investigating in the senior Running/Walking sneakers really grabbed my interested since I could not believed that it’s already 2021, and we did not have well designed Running/Walking sneakers for seniors yet. Seniors’ option of Walking/Running shoes are the ones that are designed for young bloods’ feet, young bloods’ knee, and young bloods’ hip. It feels same as woman who loves running prior to 1978, which their only option of running sneakers are the ones that are designed for men, and until then, there is the first running shoe design specifically for woman.

This interested of senior market is partly inspired from the book “2030” by Professor Guillen. If you are interested in some specific details about senior market and future market trends, I do recommend reading this book since I believe Professor Guillen will explain it better than I do.

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