5 Reasons Why It’s Crazy Not to Focus on the 50-Plus Market
We’ve all heard the following frequently-quoted statistic:
Advertisers concentrate on consumers who are 18 to 49-years-old.
It’s been that way for decades, and it’s time for it to change.
Seniors make 50% of all consumer purchases, but only 10% of marketing dollars are spent on them. It doesn’t make sense, does it? Companies are definitely missing out on a huge opportunity when they don’t market to the 50-plus demographic.
Here are five important reasons why you definitely need to be marketing to this age group:
1) As a group, consumers 50-plus simply have more money!
According to JWT Worldwide, the largest advertising agency in the United States, seniors control 75% of our nation’s financial assets, control 70 percent of our country’s net worth, and spend over half of all discretionary spending.
This group also owns more homes than any other age group, purchases 41% of all new cars, and spends 74 percent more on vacationing that those under 50.
That’s a lot of purchasing power! Companies are missing a huge market by ignoring this largely-affluent group.
2) 50-plus will continue to be a growing demographic
Those 50 and over have the highest projected growth rate of all age groups.
And it makes sense—they’re called baby boomers because there were so many of them! There are over 75 million baby boomers in the U.S., and they’re all over 50-years-old now. And the AARP reports that nearly 10,000 adults turn 65 every day.
3) The expected lifespan is much longer for today’s seniors
Besides the sheer number of them, today’s seniors are also going to be around longer. People currently over 50 will live longer, healthier lives than any generation before. Among those 50-plus, 16 million report that they exercise at least three times a week. Due to this and other factors, life expectancy has increased by 30 years over just the past century!
4) People over 50 have more leisure time than any other age group
This demographic has time. Even more importantly, they’re using it to travel, participate in leisure activities, work out, and spend money on themselves and their grandkids. In fact, one third of them are considered heavy interest users with shopping being their second most-prevalent online activity.
According to U.S. News and World Report, those 65 and up spend nearly seven hours a day on leisure activities. And more leisure time means more spending!
5) The active lifestyles of today’s 50-plus are much different than previous generations
More than their parents or grandparents, today’s 50-plus generation is looking for ways to enjoy this time in their lives. This group is full of enthusiastic and optimistic people who are not ready to consider themselves old, and they’re fighting aging with everything they’ve got.
At the same time, nearly one-third of seniors become separated, divorced, or widowed, and more of them than ever before are rejoining the dating scene. Possibly because of these major life changes, seniors today are spending more money on their health, appearance, and social lives than ever before.
And it must be working—according to the marketing company, Sheer ID, sixty-nine percent of seniors believe the best years of their lives are still ahead!
Don’t Miss Out on Marketing to the 50-Plus Consumers
If you’re ignoring the 50-plus in your marketing, you’re missing out on a huge income opportunity. This demographic has more purchasing power than any other age group, and the companies who learn to tap into this market will reap the rewards.
The Oklahoma Senior Journal and our Rise and Thrive OSJ weekly radio show have been catering to the 50-plus and their families since we started serving Oklahoma 26 years ago.
As a well-respected resource for those 50-plus in the Oklahoma City metro area, the Oklahoma Senior Journal is published twice a year. It’s distributed to over 550 locations and at more than 100 events every year. We definitely have the eyes and ears of this important consumer group with our weekly radio show and the Oklahoma Senior Journal’s loyal readership of at least 100,000.
If your company would like to market to this large and powerful demographic in the Oklahoma City metro area, let us help you reach them! Contact us today at by visiting our Senior GuidePost Profile
