The Forgotten Market
Posted by suzanne.rolfe | 12 March
With so much hype surrounding new technologies such as wearable’s and so much focus on targeting Millennials it seems as though one of the most lucrative markets is being forgotten, and if remembered, they are regularly misunderstood.
An Australian market survey* found that those whose age lies within the bracket of 45-69 are making the most of their peaking disposable incomes and concentrating on enjoying themselves. Their pressures and stresses of work and family have faded and they are seeking out new experiences and making the most of this time of their lives.
This older demographic holds more than 40% of Australia’s wealth, is worth an average $1 million each, are one of the fastest-growing groups in Australia and 72% say they’re open to trying new brands. Yet it still seems as though they are being forgotten.
In terms of spending habits, the older consumer is spending more than other ages on groceries, entertainment and going out.* The research revealed that 19% even did the grocery shopping for other households or grandchildren. This generation also feel as though they are forgotten by technology brands, even though 1 out of 5 said they can’t live without a smart phone and over half saying that they enjoy using it.***
It seems we need to throw exisiting market perceptions and stereotypes of this age bracket out the window. This market is more active than ever, they are spending big on holidays, experiences, groceries, healthcare, white goods and as research shows; they are inclined to spend up big on technology. Think more active, adventurous holidays, less grandma, her cat and her walking stick.
Are you doing everything possible to maximize on this age group? Are you overlooking this lucrative opportunity?
*Lifestyle and Spending Habits of Older Australians Research
**Millward Brown, 2014
***The Drum, 2014