Marketers love to target Gen+ and Millennials. This may be because most marketers are young, so identify more with this age group, it may be that this is a more fun and sexy demographic, or it may be due to stereotypes, misconceptions and a lack of knowledge about older consumers. Whatever the reason, by simply diving into TGI Israel's data, produced by Kantar Media it quickly becomes apparent that this is an audience that is screaming out as a huge business opportunity.
In the US, 50+ are 35% of the population but represent 45% of total expenditure. While Israel is a much younger country with 50+ representing around 26%-28% of the population, the stronger relative spending power also applies, as incomes increase with age and seniority and expenditures including mortgage and costs associated with bringing up children decline.
Marketeers often perceive older consumers as “digitally challenged”, difficult to communicate with and stuck in their ways. However an analysis of Kantar Media's 2023 TGI data shows that nothing could be further from the truth.
50+ Israelis are certainly Digitally savvy, 46.7% own a laptop and they are more likely than the 19-49 group to own a digital camera (index 106), have an in-car GPS (index 132) or read e-books (index 114). Even smartwatch ownership is growing rapidly having more than doubled since 2019 to a level of 16.1% penetration. ,
50+ Israelis do not only own digital devices but they are also using them regularly. 57.2% use the internet for online banking at least once a week, 77.1% use a search engine, 57.1% use social media and 66.2% visit news sites. These are similar rates to the 18-49 demographic.
Use of smartphone apps is also on the rise, with 59.2% using Facebook (despite what is often thought this is still lower than the 63.3% of 18-49), 57.8% use whatsApp and 41% use YouTube. 12.3% even claim to use TikTok weekly!
According to Kantar Media’s TGI data, 50+ Israelis are embracing sustainability at a faster rate than younger Israelis. 42.7% are consuming less meat (vs 28.6% of. 18-49), 61% are making an effort to recycle (vs. 43.5% of 18-49) and 41.6% are willing to pay more for products not containing artificial ingredients (vs. 31.1%). 50 plussers are also adopting a healthier lifestyle than their younger counterparts with 56.6% eating healthier than previously (vs. 43.7%) and 59.6% doing sport at least once a week (vs. 48.8%)
50+ are easier to reach through advertising channels, spending an average of 7 ¾ hours each day consuming TV, Radio, newspapers or surfing the net. This is 43 minutes more than their younger counterparts. Whilst they are strong in traditional media they already spend more (weekday) time on the internet than watching TV (165 minutes vs 156 minutes)
Television is still considered the most effective advertising medium, especially for brand building and awareness generation and it is the 50+ demographic who watch the most TV - an average of 156 minutes/day which is 32.2% more time than 18-49 year olds. 50+ are also more likely to listen to radio advertising as their average daily listening time of 107 minutes is 45% longer than younger listeners.
The Kantar Media TGI data makes it very clear that the 50+ are an attractive audience who are digitally savvy and fast adopting new trends whilst still being easier to reach through advertising. Maybe it is time to review your marketing strategy and stop missing out on the 50+ opportunity?
Jonathan Album is an experienced marketing consultant specializing in consumer goods, B2C and global marketing.
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