Why stop at 60?
Drapers "Connected Consumer Report 2024" offers valuable insights into the shopping behaviors of consumers aged 18 to 60. However, this age cap raises a critical question: why exclude those over 60? In today's demographic and economic landscape, this omission makes little sense.
The Growing Influence of Older Consumers
Older adults represent a significant and growing segment of the population. By 2030, all baby boomers will be over 65, and by 2050, in the UK alone 1 in 4 people will be 65 or older, wielding the economic power of a small country. This demographic not only has considerable purchasing power but also is increasingly tech savvy, enjoys multiple hobbies and travel, and is redefining what it means to age gracefully/disgracefully. By excluding them, companies miss out on understanding the preferences and needs of a lucrative market
The Cost of Ignoring Gray Hair
Ignoring older consumers isn't just short-sighted; it's potentially disastrous for businesses. Here's why:
Missed Opportunities: We're talking about a goldmine of untapped potential. Older consumers often have more disposable income and are willing to splurge on quality. By overlooking them, we're leaving money on the table.
Incomplete Picture: It's like trying to complete a jigsaw puzzle with missing pieces. Without insights from older consumers, our understanding of the market is woefully incomplete.
Reinforcing Stereotypes: By excluding older adults from research, we're perpetuating the myth that they're tech-averse or set in their ways. Research by the US Pew Research Centre has indicated double digit percentage growth in terms of the elderly and their adoption of various forms of technology.
Lack of Inclusivity: In an era where diversity and inclusion are more important than ever, ignoring older consumers feels tone-deaf at best and discriminatory at worst.
The Silver Lining
The good news? There's a massive opportunity for brands willing to look beyond the youth obsession. Companies that understand and cater to older consumers can tap into a loyal, financially stable customer base..
Imagine products designed with older users in mind – not just in terms of functionality, but style and aspirations too. Picture marketing campaigns (The White Stuff’s “Introducing… “ campaign is a good example) that celebrate the vibrancy and diversity of older adults. That's not just good ethics; it's good business.
Time For a Change
It's high time we rethink our approach to market research. Let's extend those surveys beyond 60. With many of today’s 60+ age group saying they feel younger than ever, age really is just a number, and in this case, it could be a very profitable one.
So, the next time you're planning a consumer study, remember: wisdom doesn't stop at 60, and neither should our curiosity about what makes consumers tick.