The Elderly Market
World Village:
Much of the advertising and marketing campaigns in the recent decades have been aimed at young consumers. The elderly in the previous generation were stereotyped as low net- worth individuals dependents on their children’s income.
These days, this has become a misguided belief. These seniors including those with higher education have independent sources of income and formed a huge segment of the elderly market that has the financial means to remain independent in their later years. This segment has been referred to as the mature, gray and silver- citizen market.
In the US, research in the senior market reveals that 70% of the net worth of US households are at over $7 trillion. Further, the 55-65 + market save twice as much as the 25-44; have double the discretionary spending of the younger market; and if motivated to buy, purchase more investment properties.
A number of elderly research showed that most marketers have yet to learn to talk to the seniors. Here’s some vital insights that can be used in communicating to the senior citizen market:
1. Seniors do not think about their age in general. They do not think of themselves as old, advertise and talk to them about their active lifestyle rather than to or about their age.
2. Capitalizing on the elderly social connectedness is more appealing including relationship between peers and among grandchildren.
3. Research reveals that the senior market takes offense on advertisements that improperly stereotype older people. The study further reveals that about 30 percent of all people over age 55 say that ‘they avoid buying products that negatively stereotype older people.’
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