Friday, March 19, 2010

Marketing to the Over 50s

The UK’s population is ageing. The over 50s are an economically powerful group of consumers. They own 80% of all financial assets and control half of consumers’ discretionary spending. This workshop provides the knowledge, tools and experience to enable marketers to engage with this most important group of consumers.

'Ten years ago it was the Sixties generation which attracted the attentions of brands. Sales of Harley-Davidsons soared as middle-aged Easy Riders whose kids had left home finally found they had the time and money to live out their fantasies.
Today, popstar Madonna is the poster girl for the new cohort of 50-somethings. Madge enters her fifth decade this August and looks as well toned as when she launched her career in 1982.
So reaching 50 does not have to mean slipping on furry slippers and curling up on the sofa with a cup of warm cocoa. There is life in the 50-pluses yet, and where there is desire and aspiration, you can bet a marketer will be lurking close at hand offering a path to salvation through consumerism.' []

Products with a particular affinity amongst the 50+ age group

  1. Ice Cream
  2. Sweet Biscuits
  3. Bread
  4. Cakes
  5. Frozen Fish
  6. Soups
  7. Crakers
  1. Tea
  2. Milk
  3. Fresh Coffee
  1. Life assurance
  2. Premium Bonds
  3. Unit Trust
  1. Vitamins
  2. Tends to be overweight
  1. Take more holidays
  2. Coach trip
Top Media [example]

  1. BBC News
  2. Heartbeat
  3. Natural World
  4. Miss Marple
  1. Daily Mail
  2. Daily Telegraph
  3. You
  4. Saga Magazine
  5. Birds Magazine
  1. Classical
  2. Music from 1950s-60s
  3. Folk
  4. Easy listening
Top Brands [example]

There is five groups of people over 50s:
  • Home is where the hears it - 3.9m
  • You can't take it with you - 5.1m
  • It's time to enjoy - 3.2m
  • Mind, Body and Soul - 3.8m
  • Secure and Sophisticated - 4m
I will describe one of them:

: 3.9 m People

  • 'Respect for and trust in institutions, including brands'
  • 'Security and reliability are important to them'
  • 'Limited finances, matched with conversative outlook, mean a sedentary life'
  • 'They are driven by a set of rules and principles so follow very structured way of life'

  • 64% Female
  • 79 retired
  • Average age: 71
  • 51% are married
  • 33% are widowed
  • Median household income: £11,500
  • They more likely: play bingo, watching television
  • They less likely: use the internet, eat at restuarants
Favourite Brands :

  1. Today's Over 50s are a larger, more affluent and more dynamic group than any previous generation.
  2. Over 50s aren't all the same.
With more than 50% of the UK predicted to be over 50 years old by the year 2020, the growth of the mature market appears to be unrelenting and poses serious questions to us as a nation. []

A market research says that:

  • The over 50s hold 80% of the nation’s wealth
  • The 55 to 64s have the highest disposable income of any age group
  • The over 50s make up over one third of the population

1 comment:

  1. Loads of research facts here but you don't really analyse it or interpret it. Try to ask "so what"? What does this mean in terms of marketing products and services to this group?