They are traveling and exploring, entertaining friends and family at home and are highly involved in their communities. As such, Americans over 50 are a significant consumer group across a wide variety of goods and services, and, most importantly to marketers, their wallet is still up for grabs.
However, 77% of older adults feel that their age group is being ignored by advertisers and 49% avoid brands who actively ignore their age group.
Are Marketers Missing a Huge Opportunity? Why Are Adults 50+ Such a Valuable Audience?
- Strength in Numbers: There are 114 million adults 50+ in the U.S., comprising over one-third of the U.S. population…and growing.
- Working Longer: They are choosing to work later into life and currently account for 34% of the U.S. workforce.
- Huge Spending Power: They account for over $3.2 trillion in aggregate annual expenditures, which is 41% of total U.S. consumer expenditures.
- Active Lifestyles: They enjoy an active lifestyle, and as a result, are heavy purchasers across many product categories. Interestingly, their spending profile nearly mirrors that of millennials.
- Voracious Video Viewers: They enjoy a variety of programming across screens and devices, spending just over seven hours a day viewing video. This represents a great opportunity to build or reinforce a relationship with these highly engaged viewers.
By 2020, the Adult 50+ Population Will Have Doubled in Size Over the Last 40 Years, Reflecting an Increase of 60 Million People
Their Spending Profile Is Virtually Identical to Older Millennials