As younger generations struggle, the 55+ demographic represent an enviable generation who are better off than both their parents and their children. In addition to owning the majority of the property in the housing market, they are also strong spenders in areas such as retail. In this article, we take a look at retail and what it means to the 50+ consumer.
As the uniquely placed generation who are financially better off than both their parents and their children, the average older shopper is significantly outspending their younger counterparts. Despite a keen interest in spending, they have to navigate retail environments and channels which are generally geared towards younger demographics – from marketing and models, to staff and in-store environments.
With products exclusively aimed at younger customers or specifically for the ‘elderly’, there is a lack of understanding around the needs and concerns of the individual shopper. There is not a definitive moment where a customer becomes ‘old’ and revamps their shopping list to accommodate this daunting realisation.
BRAND EXAMPLE: SABI
Sabi, a line of ergonomic and eye-catching products and home solutions for aging baby boomers, takes on the unsexy products out there associated with everyday activities, like having medicine or taking a walk. It focuses on low-tech health products which are traditionally clinical and garish and brands them as lifestyle items which look and feel good, rather than shamefully hidden signs of aging.
This spending isn’t just taking place on the high street either. E-tailing is seeing a boom in spend from older shoppers as the vast majority are shopping online weekly. This is through a variety of devices such as laptops, PCs and tablets – devices with the biggest interfaces and the easiest level of control for the user, are making the entry level to digital shopping as easy as possible for those who may struggle with a small screen.
It’s not just about spending online, they are engaging on a deeper level, being more likely to read blogs, news articles and Google reviews while providing shopper feedback and comments too – this heavy interest in the channel is also complemented by the benefit of having products delivered directly to their front door.
BRAND EXAMPLE: M&S SPARKS
M&S have launched a new personalised online space for members of the Sparks loyalty scheme. The site is based around encouraging the type of interaction older consumers like, while using customer feedback to help reshape the outdated ranges. M&S have stated they have no intention of focusing on age but want a relationship with consumers to understand their personal needs and wants.
HAPPINESS TREND: THE GOOD LIFE
With more money to spend, there are real opportunities for brands who increase Karma by helping people get the most out of life; because who knows what tomorrow might bring. As the generation experiencing the most comfort and least worries for the future, this trend is especially relevant for these people who are in the ‘golden era’ of their lives.