Brands who ignore the over 50’s market are doing so at their own peril, says a new report conducted by MevCorp Research for WYZA, the online platform for 50+ folk.
The Wise Up! Research Study canvassed the attitudes of almost 8000 of this generation, and findings show that brands and services are missing the mark when it comes to the age bracket, which makes up nearly eight million Aussies, or a third of our population.
The study found the 50+ market holds 40 per cent of the nation’s net worth, but only 12 per cent think brands are interested in them.
The over 50’s spend around $4 billion on products and services every week, and while the ‘mid-life crisis’ is a bit of a myth, apparently the ‘mid-life surge’ is something that’s on the rise, with the generation open to switching brands and trying new products – far from the idea that the older generations are set in their ways.
And while men 50 and over value being in a loving relationship more than anything else in their lives, as it turns out, women’s top priority is their independence, who are also struggling with the experience of ageism, despite most revealing they’re far from winding down and keen to travel, get healthy and buy new things.
“There are nearly eight million Australians in this age group today, one third of the population, and yet 88 per cent of this demographic feel that they are largely ignored by business and marketers,” CEO of WYZA, Michael Farley said.
“This is plain crazy because they spend over $200 billion per annum on products and services. They are engaged. They embrace changes in their lives with a positive attitude and are seeking new adventures. They create new businesses, travel, challenge themselves in ways they have never done before, work on their romances and love life.
“What is also clear is that the old model of reaching people in this age group has changed. They spend an average of five hours a day on the internet, social media and their mobile phones.
“Some brands like First National Real Estate, Blackmores and Real Insurance have recognised the importance and influence of this powerful demographic. But those brands who are ignoring them need to wake up. They are missing out on an incredible opportunity and risk alienating their brands.”