New RMIT University research, commissioned by SBS, has revealed spending habits and insights of Australia’s ageing demographic
New research into Australia’s growing ageing population has revealed that consumers aged 55 years and older don’t believe that brands cater for them in their advertising despite controlling more than half of Australia’s wealth.
The research also found that this demographic rejects advertising that insults their intelligence, and campaigns which perpetuate stereotypes of older people, including the use of terms such as ‘silver’, ‘mature’ and ‘senior’.
SBS director of media sales, Adam Sadler, said: “The number of Australians over the age of 55 is growing significantly each year, now representing more than 25 per cent of the population. Yet despite controlling the most significant portion of Australia’s wealth, they are rarely targeted by marketers.
“This new research tells us that this group are not only open to trialling new brands, but also have strong purchasing power across other demographics for a range of product categories, including recreation, food and drink.
“Marketers in Australia and globally simply can’t afford to ignore this sizable demographic, and can benefit from a clearer understanding of insights and spending behaviours.”
Professor at RMIT’s Consumer Wellbeing Research Group, Kate Westberg, added: “Australia has one of the highest life expectancies in the world, which, combined with a declining birth rate, signals a growing segment for 55+ consumers.
“These consumers are not a homogenous group and are not always buying for themselves, with many purchases taking broader family needs into consideration.
“Understanding this group requires nuanced insight into their life stage and the influence of the different dimensions of ageing; biological, psychological and social.”
Based on in-depth interviews, a review of existing research and analysis of secondary data, the research highlights that:
· Chronological age tells us very little – age is a fluid concept, with chronological age a poor predictor of attitudes, interests and behaviour.
· Older consumers don’t feel valued – advertising targeted at this group tends to feature negative stereotypes and caricatures of ageing over positive ones.
· This demographic is brand aware, but generally not brand loyal – quality or functionality are valued, but brands as status symbols may not be.
· Progressive attitudes are not age-dependent – there is an increasing interest in ethics and corporate responsibility as people aged over 55 want a better future for their children, grandchildren, and themselves.
· People aged 55-plus are staying in the workforce longer – almost two-thirds of Australians aged 55-64 are working, and 13 per cent of those aged 65 years and older.
· Spending remains stable throughout retirement – almost 60 per cent of people spend about the same throughout their retirement.
The advertising industry has reacted positively to the study and Mark Lollback, CEO of Group M, says: “Age is just a number, and with such a large chunk of Australia’s wealth controlled by this demographic, it’s positive that stereotypes and ageism in marketing is getting the attention it deserves. It makes sense for advertisers to want to better connect with this audience by tapping into the full range of interests and attitudes, move beyond one-dimensional segmentation and develop sophisticated media strategies that ensure they get the right message to the right consumer at the right time.”
Wild Turkey and Creative Director Matthew McConaughey, in partnership with Eleven, unveil a new Wild Turkey With Thanks initiative. The integrated campaign is shining a light on Australian Local Legends who have stood with conviction supporting their environment and communities throughout the crises of 2020. Wild Turkey’s With Thanks is a global, annual platform, wherein […]
AIA Australia has announced that it is now the official life, health and wellbeing partner to the AFL’s St Kilda Football Club. According to the company, the new partnership will provide club members with learnings, tools, and strategies that they can use to lead healthier lifestyles. Members will at the same time receive access to […]
Small to medium sized businesses will now be able to advertise on TikTok through SaaS solutions provider AppsVillage (ASX:APV). APV will allow SMBs to create and manage campaigns on TikTok in under three minutes using its AI software and advertising management platform JARVIS. The partnership makes the most of TikTok’s self-service advertising offering which launched […]
To keep pace with their transformative technology, Advanced Navigation turned to DOUBLESTAR CO for art direction, 3D modelling and design help that would capture the value proposition and offering of Advanced Navigation: AIR, LAND, SEA & SUB-SEA for their upcoming campaign “Accurate positioning in the most demanding conditions”. Advanced Navigation’s Head of Marketing Romain Pare […]
Junkee Studio, oOh!media’s creative and social agency division, is capitalising on another successful year by announcing the promotion of Tom Pitney to Strategy Director. Pitney will now drive the direction of Junkee’s in-house creative and strategy team, which produces bespoke content solutions for brands to help them tell and share their stories across their owned […]
Cricket Australia’s (CA) interim CEO Nick Hockley (main photo) has slammed broadcaster Seven for talking “our wonderful game down”. In a blistering attack on its broadcast partner, Cricket Australia lashed Seven for its ongoing legal stoush as it attempted to exit its four-year deal with the sport. As reported on B&T today, Seven West Media […]
Road safety meets a time-honoured Christmas tradition with the launch today of the Transport Accident Commission’s ‘Spend it Wisely’ advent calendar initiative, developed in close partnership with Melbourne-based creative agency TABOO. The digital advent calendar provides 25 days of road safety tips, plus offers and discounts to businesses throughout the holiday season, to help Victorians […]
PepsiCo Australia and New Zealand has announced the appointment of Vandita Pandey to the newly created role of Chief Marketing Officer for both snacks and beverages. Pandey comes from Frito-Lay (a PepsiCo company) in the United States where she has spent the last 11 years in roles that span across marketing, corporate strategy, insights and […]