Over 50's Marketing

Soloman 2006 states 'By the year 2010, 20% of Europeans will be 62 or older. The fastest growing age segment can be explained by the aging of boomers, an increase in awareness of healthy lifestyles and nutrition, coupled with improved medical diagnoses and treatment.' This means that today the over 50's are a much larger target market for companies to attract.

The following link shows how the population is changing over time http://news.bbc.co.uk/1/hi/uk/4045261.stm

According to research from Millward Brown 2005 as consumers the over 50's or 'Grey Market' represent a opportunity for most marketers. In developed markets, they are relatively more prosperous, and are open to new ideas. As heavy media consumers, they can be reach more easily than many segments; but in terms of content, communications need to be carefully targeted for this audience. In general, with age come a sense of increase confidence. Membership of a 'tribe' becomes less important, and a sense of identity is more likely to come from within. As a consequence, older people are not a homogeneous group; health, wealth and lifestyle attitudes also play a role. Some prioritise holidays, some prefer to lead a quiet life at home entertain by TV and some seek new experiences, while other aim to become influential in their communities.

While there can be assumptions that older people are set in their ways, this older target market can be as experimental as the younger generations. A study conducted by Millward Brown Firefly Australia suggests that people over 55 years old are as open to new opportunities and experiences as the younger targets. Endorsement of the statement "I am adventurous and will try new brands and products before anyone else" was 21% for under 55s and 22% for over 55s.

Some 50 year old these days are 51 going on 35. They are computer literate, style conscious, knowledgeable about contemporary music and, probably more 'groovy' than grey. Remember, both Mick Jagger and Paul McCartney to name but two, are now the wrong side of 50. They consider themselves to be in the 35 year old marketplace. However, there are others in that same segment that are old before their time and it shows in everything they do.

According to a recent TGI survey, the Third-Agers can be divided into five lifestyle groups:



'Thrifty Traditionals', accounting for 17% of the age group. They are not well off and budget for every penny, are heavy TV viewers and read down market tabloids.

'Outgoing Fun Lovers' contribute another 20%. They are magazine oriented, enjoy travelling, eating out, entertaining and are above average viewers of TV.




'Astute Cosmopolitans' account for 18% of the age group. These are the ones with most money, read broadsheet newspapers, specialist and lifestyle magazines. They enjoy foreign holidays and are light TV viewers.





'Apathetic Spenders' for a further 22% of the group. They take on debt through credit cards and do not like foreign holidays. Favoured newspapers are the tabloid press.






'Temperate Xenophobes' make up the remainder. They love the Radio Times, most definitely do not like foreign food or travelling abroad and are heavy TV users.

Each generation produces its own heroes who can increase interest and sympathy. One formula that works internationally with the over-50s is to feature celebrities from their generation in advertising. When a celebrity appears on the screen in adverts aimed at the over-50s viewers, they understand that this advert is aimed at them. The fact that a personality who they admire has taken the risk of being associated with a brand is a pledge of sincerity. For example, Michael Parkinson has been around for a long time and has an image of being strong, secure and likable. For Sunlife this was obviously their aim by using him as the face of their Over50Plan.

Saga is a big marketer to the over-50s, they have been selling cruises, insurance and other services to older consumers since the 1950s. Its database containing demographic information is the envy of the direct marketing world. However, many believe its profile is more geared to post-retirement age groups than “young 50s”, leaving a gap in the market. In an article in Marketing Week, David Benady states, "The current set of 50-somethings may be a Peter Pan generation that refuses to grow old; certainly, stars such as Madonna and Iggy Pop are doing a good job of preserving their youth. And people’s pursuit of staying younger older makes it easier for marketers looking to separate the new grey wave from their cash."

Over 50's marketing is a very large area to cover, as Bendady say they are the new younger over 50 who are very different to over 70's. Marketers will definitely need to take this into account when trying to get their product or brand out their. The big question they should be asking is 'Which section of the over 50's should we be targeting?'