weekly blog--one for the ages
Since the pandemic was declared back in March, there is a good chance that you are watching more shows on television. Which means you are also viewing most of the advertising that accompanies them. Over the years, major brand marketers often segment their advertising into age ranges such as 18 to 34, 35 to 50, and over-55. Still, most advertisers see the next generation as always, the most exciting.
There is some logic behind the strategy of targeting younger consumers. According to Forrester research, 55% and 54% of those less than 31 and 31-39, respectively, say they “enjoy trying new brands or products.” That number drops to 39% for those aged 54-63 and 31% for the 64-74 set. But those stats can be misleading. One brand marketing executive says talking directly to older people is a huge, missed opportunity because of their disposable income and loyalty with brands, of which 68% say they like sharing it with other people.
A recent study also found significant growth in the online presence of over-55 consumers, with 68% of them buying something online every month. Aside from healthcare, luxury is the product segment where more brands actively engage with older consumers. And for good reason, since Euromonitor reported that 70% of all available U.S. income is owned by those over 55, and, globally, people over 60 will account for $15 trillion in spending power by 2020.
A 2018 McCann study “Truth About Age” found that aging is actually something everyone thinks about. Its data showed that people in their 20s fear death the most, those in their 30s think about aging the most, while people in their 70s worry about aging the least. The report suggested marketers should shift from age to attitudinal segmentation. So instead of age ranges, it outlined five different attitudes: Ageless Adventurers, Communal Caretakers, Actualizing Adults, Youth Chasers, and Future Fearers.
The most surprising finding the study discovered was when they asked people to envision an aging utopia–and an aging dystopia. In every single country surveyed, the utopia had generations living together in harmony, learning from each other, and helping one another other. The dystopia, conversely, strictly segregated young and old.