People over 50 are consumers with high disposable income. Brands should market to them and communicate with them better.
People over 50 often have 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 are marketing to people over 50 as if they were retired and only interested in pursuits traditionally associated with retirement. But people now in their 50s may not retire until 70.
It is hard to put a precise figure on the buying power of this group. But many media owners in this sector estimate they control 70% to 80% of all UK consumers’ buying power. And that % will increase as they continue to work, have fewer outgoings and are looking for a good lifestyle.
Commentators note that advertising aimed at “older” people is often inappropriate. People over 50 are financially savvy, they have a lot of disposable income as the pandemic eases and will be among the first to take long-haul holidays and cruises again. But advertising images for these products and services are still showing 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