Research Reveals Spending Power Of Over Fifties
Advertisers should pay more attention to the lucrative over fifties market, according to new research which reveals that the majority of this age group believe their money is for spending.
A study carried out by web portal 50 Connect claims that today’s over fifties are more financially secure than any other generation before them. It also reveals that that 48% believe they have saved enough for a comfortable retirement and that 65% are happy to buy online.
These cash-rich over fifties have been labelled ‘whipys’ because they are deemded to be wealthy, healthy, independent, powerful and youthful.
Memebers of this new consumer group are content with their age and intend to stay fit and well in later life so they can spend the money they have earned. Many own their own companies and most are able to exert a degree of influence on those around them.
Commenting on the findings, Julia Green, sales director at 50 connect, said: “There is a popular misconception that older people do not like to spend their money. This may be true of the scrimp and save generation that came before them, but baby boomers see life as for the living and have no qualms about spending money if they can afford it.”
The research follows a raft of other studies that have warned advertisers they could risk alienating this lucrative age group with their continuing obsession with youth.
Datamonitor’s recent Targeting Seniors Effectively study revealed that older people are the most affluent segment of European society, both in terms of income and wealth. However, it claims they are consistently overlooked by advertisers when it comes to product marketing (see Marketers Are Missing Out On The Grey Pound).
50 connect: www.50connect.com
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