Recent research points to startling statistics. We all know that populations are aging in much of the world. But do we know how significant the size of the senior demographic is and how much discretionary spending they account for? Do marketers suspect how badly they’re missing the mark with mature consumers? Apparently not.
The first of its kind, a study from A.T. Kearney titled “Global Maturing Consumer”
surveyed more than 3,000 people aged 60 and older in 23 countries—including the U.S., Europe, Asia, and Russia. The study uncovered nuggets of great information for marketers of consumer products and for retailers to digest and act on. Here’s why: Birthrates are falling, making a hefty percentage of populations older. People are living longer globally, besides.
In the U.S. alone, people aged 50 and older own 80% of the financial assets in the country. They also account for half of all discretionary spending. The data is similar for developed countries around the world. Yet, consumer product marketers direct their advertising to younger demographics, making seniors feel as though they aren’t being addressed, but largely ignored.
That’s not all. Most packaging, as it exists now, presents problems for seniors. More than 50% of consumers between the ages of 60 and 70, nearly 60% of those between 70 and 80 years old, and a whopping 66% of those over 80 report difficulties with current packaging. A great deal of packaging is hard to read for older people, even with the aid of glasses. This signals a problem that really should be addressed by consumer product companies.