Why You May Be Missing Out On The Most Significant and Fastest Growing Opportunity - The Over 50s

In these days of economic uncertainty, pressure on marketers to deliver results is growing. Those marketers who choose to focus on the most crowded advertising space of 18-34s could be missing out on a demographic with far greater potential and far less advertising noise, the over 50s. But why is this opportunity being missed by so many?

1. Many marketers are simply unaware of the size of this sector. There are approximately 120M 50 plussers living in the US. They represent 35% of the US population. Over the next 20 years this number will grow by a further 23%. In Europe the share of 50+ is even higher.

2. Many marketers are also unaware of the financial clout of 50 plussers whose spend in 2025 will represent 52% of total US expenditure

3. Whilst there is an increased understanding of the benefits of diversity within a business, marketing teams tend to be younger. In the UK only 15% of marketers are over 46. It is known that marketers are attracted to audiences that they identify with, so this age bias is having an effect.

4. The desire to show immediate and measurable returns on marketing campaigns means that advertising budgets are gravitating towards bottom of funnel, direct response digital channels but 50+ are less present in these channels - for example 50 plussers spend 33% less time on smartphone than the total 18+ population and only 50% of 65+ claim to ever use Facebook or YouTube. 

5. 50 plussers are also less responsive to conversion campaigns. The decision making process of seniors is different to that of younger audiences as often they will want to gain a greater understanding and confidence before committing. More focus needs to be given to “consideration” touch points and brand building for trust rather than just conversion.

6. Because 50 plussers were born before the digital revolution they are often perceived as not digitally savvy. However this is not the case, according to AARP 86% of 50+ Americans own a smartphone, 70% have a smart TV, 59% use a tablet, 31% have a home assistant, 28% own a wearable device, and 24% have a smart home-tech device. To stay in touch with others, 94% text, 88% email, 74% are on social media, and 67% video chat. 

7. Stereotypes are also holding marketers back. Gone are the days of the grandparents sitting at home all day playing bridge. Today's seniors do not see themselves as old (or want to be depicted as old), but now that their kids are no longer dependent, they relish the opportunity to use their free time and disposable income to live life to the fullest and start crossing off all of those plans from their bucket list. Their representation in marketing communications needs to mirror this.

This does not mean that the 50+ audience doesn't have its unique characteristics and challenges, and as with any target audience they need to be understood in depth in order to build a relevant product, messaging and media strategy. However, by understanding why the huge 50+ potential is not being realized, marketers can take the first step out of their comfort zone and start seriously exploring the 50+ opportunity.