A mere five years ago, marketers were all over millennials,fawning over their do-for-self mindset and love for experiences. Come 2020, attention shifted to Gen Z’s love of sustainability and TikTok-fuelled democratised creativity. Fast-forward another two years and some brands are casting aside Gen Z in favour of Gen Alpha. Adland’s ageist focus shifts faster than you can say ‘OK Boomer’.
And yet our industry’s obsession with younger audiences means we’re missing a trick. Sure, younger generations may set the majority of trends. But that doesn’t mean they have the majority of the country’s spending power. Over 50s comprise nearly 50% of the UK population and represent almost 70% of household wealth. They are fast becoming the biggest spenders in every single category. Meanwhile, younger audiences, who are at the beginning of their earnings journey, are being hit harder by the cost-of-living crisis and recessionary horizon.
Not only are over 50s wealthier, they are also more experienced and arguably wiser. Yet despite this, marketers often act like people cease to matter as they grow older. But the 1990s 20-something who loved tech, music and early video games doesn’t quit loving those things as they grow older. Instead, their interests become supercharged by an increasing level of disposable income.
So why are brands not following this powerful combination of personal passion and disposable income? Instead, the misconception that people become less relevant or influential as they age (TikTok’s grandmother coastal trend, anyone?) means that ageism continues to put blinkers on brands. This leaves a gaping hole in the market; a hole featuring £6-trillion in spending power.
Is your brand walking away from all that in the dogged pursuit of the young and shiny?
In our culture, over-50s are either completely overlooked, or stereotyped based on outdated ideas. Only 12% of UK adverts currently feature an over-50 in a leading role. 87% of over-50s feel under-represented in technology campaigns, 84% in fashion, 79% in entertainment and 76% in cosmetics. Nearly two-thirds (62%) believe they are ignored because advertisers are too young to understand the demographic, with 88% saying brands and agencies should employ more older people.
Far from being past their sell-by date, over-50s are a compelling prospect for marketers. This cohort’s openness to experiences makes them a prime target for experiential marketing in particular. And yet we’re finding that our industry, especially the brand experience side of the market, are chasing younger and younger audiences. We feel that a drastic mind shift is needed if brands are to capitalise on this profitable audience sector.
The right brand experiences have potential to drive immense brand love and affinity amongst this audience. But brands need to shift from demographics to psychographics, using attitude and lifestyle, not age, as the defining qualities. Finding those communication sweet spots becomes the difference between a brand that capitalises and one that misses these golden opportunities (no reference intended to the golden years of course).
This generation has a wildly varied appetite that goes way beyond cruises, funeral plans and walk-in baths. And it’s an appetite fuelled by colourful humour, character and spirit.
As our Founder and CEO, Anton Jerges remarks, “Being over-50 myself, I feel terribly unwanted and unloved by the majority of brands out there. I may be playing in the 2nd half of the game, but I’m still too young, experienced and wise to be dismissed as solely being interested in stairlifts.”
We think that it may be time for brands to put the tropes of frailty and dormancy to one side and tap back into a thriving market sector.
Get your copy of our latest report, Experience, Meet Behaviour, that will help you generate experiences that deliver true value for your brand. This is the ‘how it works’ report you’ve been waiting for. Download it here.
Looking to create experiences that move people? We help you create ideas that are fed by behavioural science and nourished by creativity. Chat to us today: hello@wearecollider.com
