In the changing market economy and globalization, the elderly consumers are an important segment but are most vulnerable. Demographic statistics project a phenomenal rate of growth of elderly consumers. The vulnerability of the elderly consumers is coupled with complexities of psycho-socio-economic, including legal, paradigms of the global market. They are easy victims of fraud, deception, cheating, unfair trade practice and similar activities of the market. They are susceptible to various ploys of the market because of their declining health, social isolation, psychological loneliness and illiteracy associated with lack of right knowledge of the time and tide of the market. The changing family and social structure emanating from globalization is a contributory factor to the helplessness of the elderly. There are many aspects of life which drag the elderly consumer to be a compulsive partner of the market in sectors like health, travel, medication, education, housing, etc., where he/she does not find himself/herself as ‘consumer the king’ but a ‘hapless consumer at risk’. This paper attempts to analyze the various challenges that the vulnerable elderly confront and throw light on the issues relating to consumer protection.

Life expectancy and longevity are indicators of the measure of development, and of quality of life. These are recognized as the basics of Human Development Index, and India stands today at 134th position in the world order. The demographic projection of population in India also reflects a phenomenal increase in elderly.1 In the year 2000, the elderly population was 70 million, whereas there is a projection of rise in population to 177 million by the year 2025 and 324 million by 2050.2 A vast majority of the elderly population live in rural India and studies indicate that 90% are from the unorganized sector without any social security,3 30% are below poverty line and another 33% are in the border line.4 Elderly in India are a very heterogeneous group. Place of residence, economic, educational and social status determine their diversity and their varied needs. Their social, financial, medical and psychological needs, which were formerly determined by state policies and programs, are contemporarily facing a paradigm shift with the invasion of market forces.

With the onset of globalization in the 1980s, India is exposed to a fast changing market economy and altering values. The elderly, being a very significant segment of the population, have become major partners in the consumer market either willingly or unwillingly, and ill-equipped elderly consumers get swept by the tide of market forces, and consequently they are marginalized. Challenges to the economic wellbeing of seniors are made worse by a number of factors like lower retirement savings, growing unemployment and high healthcare costs. The elderly are helpless consumers before a powerful business community in which their helplessness appears to be at the pinnacle. It leaves them at the end of the day astounded, shocked and frustrated. The progression is so fast, frequent, strong, widespread and deep that the elderly are left in the lurch and they feel helpless to fight out the system;5 the sand under their feet appears to sink faster. The elderly-space is shrinking to a new minimal.

Law Review Journal, Protection, Elderly Consumers, Issues, Challenges.