Myths and facts on aging population
Brands are finally acknowledging the importance to tackle a new type of older consumer who defies stereotypes.
SiliconValley, the start-ups and their social attitudes are viewed as the generation that looks for innovative future thinking. What eventually happened is that many companies have held a limited outlook on this generation, eventually creating products, services and workplaces that meet their needs and demands. The view that recognizes strength in wisdom is a counter view to many aspects of contemporary culture. Where the dominant feeling and notion of ephemerality and superficiality prevails. Experience is a crucial to the development of our society, so we need to reassess what aging means today.
Boomers facts
1. They represent the cash-rich spenders
They command a huge amount of spending power.
Photos by The sartorialist
A report from Bank of America states that consumers aged over 60 are expected to spend $15 trillion worldwide by 2020. Older models seen in advertising are reflecting on this data. Brands are finally understanding the financial potential of accessing older women. The report also says, they are more likely to buy into marketing and advertising than millennials.
Art direction - Alex Kaminski
Design - Alex Kaminski
2. They are now more than ever, open to new experiences.
More and more digitally accessible than ever before. They do not share the same needs and desires as their millennial counterparts, but they have plenty of common ground.
Nielsen says that boomers are:“as likely as younger cohorts to experiment with new products”.
There is clearly a desire for products and services that meet group’s interests, needs and aspirations. Boomers are impacting attitudes in fashion, work and wider society. The greatest challenge is to target them without patronising them. 67% of mature British consumers felt that advertising portrayed them negatively and 75% did not relate to advertising at all. According to Age UK Study.
Myths:
1. They are harder to reach
Yes, that seemed to be a fact, but not anymore. There is a whole range of “young boomers” that is connected digitally, you won’t target them as you were millennials, is it tricky to understand that but not to reach them.
AT Kearney’s Mike Moriarty says “We recently did a connected consumer survey and the analysis says that up until about age 75, people are comfortable in using the internet.”
There are some cultures where the aging consumer really doesn’t, like the internet that much, such as Japan and Germany, but in developing markets such as Nigeria and Brazil, internet usage is pretty much even up until 75.
2. They are stuck in their ways
They are dating again. And they may be even more active than you on Tinder. It’s no news that they are having their third marriage, and dating again, e-Harmony reported that over 65s are one of it’s fastest growing demographics, but understanding that it’s a stage of renewed optimism, a chance to rethink the decisions of your youth is the game changer here.
Photos by The sartorialist
The Old Ladies ‘The Old Ladies’ Rebellion is a name to be taken light-heartedly. It’s ironic, it says what it says but also hides a lot too. I’m not worried about what people think, young or old, it’s my first name that’s the hard one to carry!’ The Old Ladies Rebellion recent Catwalk Show
3. Tech Start-ups are only interested in Gen Y and Z
Facebook is an example which started with the preoccupation on loss of teen users. But they continue to beat analyst’s expectations on the growing area of online boomers. iStrategyLabs confirms with 25.3% drop on 13–17 age group on Facebook, and rise by 80% with over-55 group. Nielsen and Pew found that “plugged-in” boomers spend comparable amounts of time online to millennials. With an average of 27 hours per week online.
4. Aging isn’t necessarily synonymous with poor health
Maybe it used to be but not anymore. People aging 55 and older are one of the fastest-growing segments of gym membership, according to IBISWorld. This new generation of healthy aging is keen to debunk the myth that aging makes people infirm and frail. The fitness industry is developing around this wealthy group.