We’re all being told to shift our marketing focus to consumers coming into buying power (Gen Zers and millennials). And while this is good advice, it’s shifting focus away from another major consumer group: the consumers ages 70+ group. “Compared to past generations,” writes AdAge, more of them can count on years of good health, with lifestyles supported by medical advances, smart nutrition and their own fitness regimens. These consumers are pursing passions and purpose and are highly receptive to brands that help them create the lives they envision.” Is your client one of those brands? If so, here are a few more reasons they should give consumers ages 70+ a bit more focus.
Why Your Clients Shouldn’t Disregard Consumers Ages 70+
They’re the Fastest Growing Consumer Segment
Did you know that almost 20% of households in the U.S. houses are consumers ages 70+? That makes them the population segment that is growing the quickest within the country. Not only that, this consumer segment will keep growing at an average pace of 1.5 million. So, by 2031, the number of these consumers will have shot up by 55 million. Science is helping people stay alive for longer. And by the time they reach this age, they’re either retired or thinking about retiring ASAP. So, they’re about to have all this free time that they’re not used to yet. What will they do with it?
They’ll Spend More Money
On a yearly basis, consumers ages 70+ spend an average of $11 trillion on consumer goods and services. They’re a huge buying power in the areas of:
- Household furnishings
- Personal care products
- Food (groceries, not restaurant food)
- AV equipment
- Health insurance
- Medical supplies
Does your client fall into one of these categories? Then I’ll say it again: They should be targeting consumers ages 70+ with their advertising.
They Enjoy Media
Consumers ages 70+ have a reputation for only consuming traditional media. While it is true that they enjoy radio, traditional TV and cable TV, they’re not limited to these media types. AdAge points out that these consumers have “welcomed every new media platform” as they have aged.
If consumers ages 70+ weren’t already consuming digital media before the COVID-19 pandemic, they sure are now! “They have embraced the explosion of the internet, the proliferation of social media and the use of smartphones,” says AdAge. “They’ve done this all while maintaining a lifelong love of magazines and the printed word.” According to AdAge, 98% of consumers ages 70+ are either reading magazines or using the internet. And 78% are doing both! So, honestly, there’s no bad way to advertise to them.
Advertising to Consumers Ages 70+
Baby boomers are beginning to join the ranks of consumers ages 70+, joining the Silent Generation who have been holding down the fort for the past six to 26 years. According to AudienceSCAN on AdMall by SalesFuel, the most effective advertising media among both generations are:
- Direct mail ads/coupons: 46.7% of these consumers took action after receiving them
- Circulars: 42.4%
- Traditional TV: 39.2%
- Newspaper (print or digital: 28%
- Email ads: 28%
- Traditional TV: 47.5%
- Direct mail ads/coupons: 46.4%
- Circulars: 41.6%
- Email ads: 36.7%
- Sponsored search results: 35.2%
Do you want to know what percentages of your client’s target audiences are made up of these generations? Check out the demographics section of their audience profiles of AudienceSCAN on AdMall by SalesFuel.
Consumers ages 70+ have buying power, are growing rapidly in numbers and are ready to spend money. What more of an invitation do your clients need to start targeting them with ads?
Want to learn more about the impact COVID-19 has had on media sales? Download our free white paper: 2020 State of Media Sales: COVID-19 Special Report from AdMall.
Photo credit: Joshua Hoehne