It’s time to wise up to the aging world
Millennials, Gen Z, the people of the future - they seem to be the focus of every brand’s attention. But what about everybody else? A significant demographic shift is being overlooked and it’s one that’s set to be worth a whopping £11.5 billion in spending by next year.
Yes, you read that right! Thanks to medical progress we are all living longer and in many cases we can expect to live for several decades following our 50s - a female in the UK now has the average life expectancy of 83 years.
By 2020, the world will have more 55-year-olds than 5-year-olds.
68% of over 55s will share positive brand experiences with others by word of mouth.Beyond representing older consumers in ads, companies can create and retain the brand loyalty of older generations by making crucial changes to their product design. For example, even the fittest and strongest amongst us can’t deny the struggle of a stubborn jar. Now think about that struggle with the added hurdle of arthritis. Older generations value feeling young as well as looking young, so as we remove the obstacles to this feeling we can unlock their purchasing power.
As the more mature consumer group widens, so do brands’ opportunities to empower these people. Thoughtful brands, products and services with considered marketing will thrive in the aging world and those who continue to ignore them will shut themselves off from their potential value. It’s time we took a fresh approach to targeting the over 55s at every point in the consumer journey.