Market to older people, a cohort with $8.5 trillion in global spending power

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 29, 2021, 2:58 AM UTC

Develop social media campaigns targeting older people, as 69% of US adults on social networks are aged 50-64.

Not building access to the “silver economy” and its global spending power of about $8.5 trillion must be unavoidable for businesses. With currently 750 million seniors globally, and projected to rise to one billion by 2023, companies stand to benefit from creating marketing campaigns that entice older people.

Companies must dispel any stereotypes like older people only buy from specific brands and are resistant to change. Creating inclusive marketing campaigns that appeal to this segment’s interests, needs and preferences could drive sales. People 75 and older tend to have neutral shopping personalities and shop in a variety of stores for different products and aren't particularly inclined towards a certain brand.

Moreover, older people are more receptive to change, with 51% of those over 55 having purchased a smartphone, smart gadget, or wearable device in the previous year. When creating marketing campaigns for the overall cohort, avoid gimmicks and craft messages that convey value and affordability.

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