Young at heart and flush with cash, they’re the tech-loving, gym-using, trend-setting, fun-seeking, fashion-shopping, car-buying, food-experimenting, ad-consuming marketer’s dream, who are often ignored by businesses and sometimes society in general. These are active aging consumers who spend close to $3 trillion annually on products and services.
Seniors Using Computers
In his recent webinar, Jeff Weiss, a marketing expert of older Americans over 55 (agers), defines who this target is and why they are different compared to how society portrays them. He reveals the Dirty Dozen Myths associated with agers. By crushing these myths attached to older consumers, there is a significant opportunity to change how society and businesses/ organizations see and engage the older, active adults.
Over 110 million (one-third) Americans are over age 55 today, thus by 2042, 42% of the total population will be over 55. Consumers over age 55 represent 40% of the market, while the younger Gen Y and Z consumers represent less than 18%, where most marketers target their marketing. However, most older Americans are much better informed, still have the most money, and very healthy, so why aren’t the retailers focusing on these agers?
Myth #1: Marketers feel older Americans have one foot in the grave! They think most agers are not very happy from age 65 to 79. They think seniors are really depressing and don’t have much to live for! Statistics prove otherwise!
Myth #2: What is Bluetooth? Agers over 55 are actually leading adopters or early majority buyers of tech devices such as high-tech hearing aids, high tech cars or SUVs, smartphones and tablets, and medical monitoring devices.
Myth #3: You can’t teach an old dog new tricks! Many Agers are trying skydiving, playing pickleball (fastest growing sport with agers), and other active sports besides taking classes for many topics like genealogy and other fun hobbies.
Myth #4: Don’t forget my senior discount! Most agers ask for their senior discount to make their money last longer! Most retailers, restaurants, and medical facilities offer senior discounts to attract the many agers to their businesses
Myth #5: I’ve fallen and can’t get up! Marketers feel agers are less mobile and have more disabilities. While some single agers may stay home, couples or older friends are healthy and live it up, don’t have kids to raise, and can afford a better lifestyle.
Myth #6: You look great for your age! Today’s agers feel and look good, exercise regularly, don’t smoke, and eat better than their younger generations!
Myth #7: You’re out to pasture! Marketers feel most agers end up in nursing homes, but in reality, they rather live at home or in independent living facilities. With the reverse mortgage option, agers can live comfortably without worrying about money problems!
Myth #8: When I was your age! Marketers feel agers are disengaged from life and society. Today’s agers are more engaged because they are healthy and active!
Myth #9: You’re out of sight! The younger generations are critical of their older ones.
Myth # 10: You’re past your prime! Marketers and some businesses feel the agers are not as productive as the younger generations. Interestingly, agers’ past skills and better work ethic are still welcome at many businesses.
Myth #11: You’re tried and true! Even with the older skills, agers are willing to learn new methods and technologies to keep up with the new living standards!
Myth #12: Oh, to be young again! Agers are actually embracing new concepts and trying new ideas in living, having fun, and enjoying life!
In summary, today’s agers feel more alive, have more fun, enjoy life, have more money, are more active than their parents were or even their grandkids. They are physically, socially, mentally, and digitally more active! For more info on this topic, visit www.ageofmajority.com.