Unlock buying power of older consumers

New Ideas in MarketingEssential news for marketers, summarised by YouGov
February 12, 2021, 4:48 AM GMT+0

Media strategies prioritising sales and conversions, instead of age and demographic alone, can help target older consumers with spending power.

The “stigma” attached with targeting older consumers has led to missed advertising opportunities, as marketers focus more on younger consumers. However, the over-50 age group holds nearly $4 trillion in buying power or about 45% of the total US spending.

Further, annual expenses of consumers aged 55 and above have grown 46% since 1999, which translates to $2 trillion in spending power. For businesses to target the older demographics they must adopt TV ads, as leading direct-to-consumer (DTC) brands have seen adults aged over 50 using their platforms.

By 2030, the group of consumer aged 50 years and above would see 10 million multicultural people added to it. Creating ads addressing diversity can help brands target older audiences effectively.

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