Brands don’t always communicate well with people over 50. They should because mature means money.
Mature means money but younger brand managers and creatives don’t always realise this. They sometimes find it difficult to enter the mindset of people in mid-life. Younger managers often refer to “the over 50s”. Why do they lump that group together? Who would talk about “the under 50s” as a single group? In fact, people become more different to each other as they age. They celebrate their individuality. They are confident in their personal choices. And the mature have money to spend.
Brand managers may not realise that people in their 50s choose lifestyles that are more like people in their 30s and 40s than older, retired people. They have gym memberships, use social media daily, love fashion, work full time. But often brands communicate with them as if they were retired and only interested in pursuits traditionally associated with retirement. But people now in their 50s may not retire until their late 60s.
It is hard to put a precise figure on the buying power of this group. But in the US, Zenith Media (Catalyst magazine 2Q 2019) estimates that in 5 years 50% of Americans will be over 50. They will control 70% of income and will be increasing it as they continue to work.
Commentators in Catalyst (Q2 2019) note that advertising aimed at “older” people is often inappropriate. People in their 50s are financially savvy, enjoy long-haul holidays but advertising images for these products and services often show photos of people in their 70s.
So the message is that the “over 50s” are a very diverse group. Brand managers that want to influence them need to understand how they live, perhaps by using psychographic profiling and communicate better with people over 50. Their choices might be similar to someone 20 years younger, but the difference is they have more money to spend on those things – like sport and fitness. https://www.telegraph.co.uk/goodlife/11815795/How-to-keep-fit-after-50.html