Older by age, younger by mindset: The attitudes and behaviours of the over 50s and how to communicate with and market to this group

Abstract

Many businesses are waking up to the realisation that they are relatively ill-equipped to deal with the opportunity presented by the huge economic and social influence of the over 50s, who currently account for 80 per cent of UK wealth. Commercially, the over 50s continue to be seen as a separate species from younger age groups, despite the fact that they perceive themselves to be anything up to 20 years younger than their chronological age. There is a need to move on from the unconscious ageism that can lead to a one-size-fits-all view of those in later life and the belief that older people have no appreciation of aesthetics or production values. The over 50s market requires careful segmentation and targeting, although this throws up complex challenges: people increasingly adopt a jaundiced and disenfranchised view towards advertising, accompanied by a lessening overall susceptibility to branding as they age. Age UK's research suggests that success in serving those in later life lies in designing products and services that are inclusive from the start of the process. This philosophy will increasingly become the norm among those organisations who best serve this growing market segment.