Most brands and retailers today are trying to gain favor with the ever elusive and appealing Millennial target. Marketers hope that by engaging this unspecifically broad group, they will be able to rejuvenate their brand by earning virality and fame.

But the focus on younger generations often overshadows a target of at least equal importance: seniors. In the U.S. alone, 80 million people will be 65 or older within a few decades, compared to 50 million today. In the UK, nearly one in seven people will be over 75 by 2040 and life expectancy currently grows by five hours a day.

Many fall into the trap of clichéd thinking, using stereotypical portrayals of older people and clustering them as 65+ in research, resulting in oversimplification of a diverse target group. In reality, this target group is as diverse as all other demographic segments. No wonder only 31% of over 70 year olds think they are realistically portrayed in advertising.

Understanding the needs of older audiences becomes crucial at the point of sale. American retirees spend 25% more time shopping on every dollar they actually spend than younger people. While we often talk about creating shopping experiences for the latter, it is the former who have more time to spend on shopping.

However, we are seeing some interesting approaches starting to change the conversation. Coca Cola recently offered free tattoos to everyone over the age of 70 in a one-day event in London’s Shoreditch. ProActive shifted their view from the negative aspects of cholesterol to promoting an active and life-embracing mindset for older people. An older but great example is Prudential Insurance who featured stories of real people on their first day of retirement, showing their unfiltered fears and thoughts on this new life stage.

The recent news that over 55s are now the second biggest group on Facebook is another example of why brands and retailers should view this group in a different light. They may be jumping on technology later than younger people, but they are still looking to connect to peers, family and their grandchildren.

The increasing importance of this age group is undeniable and with its growth, brands and retailers must change the narrative and perspective around them to tap into new commercial opportunities for their brands.

Key take outs:

• Embrace diversity. Avoid oversimplification and embrace the diversity of this target group. Understanding the different fears and motivations can drive commerce for any brand or retailer. “We have a tendency to depict people aged 50 to 74 in the press and in public life as rich and successful, even powerful…this is only one of a number of different experiences of old age,” says Debora Prince, president of the British Society of Gerontology.

• Change the conversation. Seniors carry a wealth of experience. While most communications put seniors at the receiving end, why not turn them into the leading authority that shares their knowledge with the community, generating connections and influencing others?

• Cater to senior shoppers. Compared to younger demographics, seniors spend more time shopping and are less likely to switch between brands. As creating retail experiences becomes more prevalent, involving seniors further at the point of sale could pay off in the long term.

• Don’t just think offline. Seniors may be slower to jump on new innovations but that doesn’t mean they are irrelevant on these platforms. Their interests are different but the need for social connection is the same. Facebook is seeing a huge demographic increase of 55+, opening the door for great reach opportunity for brands.

INSTEAD OF CHASING MILLEANIALS, IT’S TIME TO GET REAL ABOUT SENIORS

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CONTACT

Laurence Poichot, Insight & Strategy Director, Integer, [email protected]