Brands Miss Out On Over-50 Market

2nd June 2008

Categories: News - Archive

By 2015, the majority of the UK's population will be over 50, so there's no denying that the market holds value for marketers, but do brands target the 'silver surfers' as much as they should?

Here are some figures to demonstrate the spending power of the 50s:-

- The grey sector accounts for 40 per cent of consumer spending and controls a staggering 80 per cent of the country's wealth

- An Ofcom report recently highlighted that the over 50s are spending 42 hours online a month and this is set to rise

- According to a recent TGI 2007 report, 25 per cent of over 50s are using the internet every day and now account for 30 per cent of all online users

- The over 50s are set to dominate the online shopping market by 2010

- According to the Office for National Statistics, by 2031 43 per cent of the UK population will be over 50

- The average net worth of a 60 year old is seven times that of his or her 35 year old counterpart

- People aged 50 to 65 are now spending twice as much on leisure and entertainment as the under 30s

- Nearly 60 per cent of over 50s now own a PC or a laptop

- Fewer than 5 per cent of the total British marketing spend proactively targets the over 50s.

The over 50s are now an important and active part of the population. Brands need to recognise the lifetime value of older customers who are more likely than younger ones to remain loyal to the brand. The over 50s are well worth investing in and acquiring as new customers, both offline and online.

The key to reaching this audience is to address usability issues. Technical terms should be avoided, links should be identified in a consistent and obvious way and content should be as concise and clear as possible. A 'make the writing bigger' link should be provided and a high contrast should always be used to display text. Finally, the most important factor in successful marketing to the over 50s is understanding that they are not a homogenous group. Targeting specific groups based on interest within this group is a must for anyone who is serious about achieving results.

Source:- Revolution May 2008