Thinking about the over-50s demographic might bring to mind cardigans and walking frames, flowery cups of tea and the smell of lavender, wrinkles and greying hair; a homogenous greying group averse to technology and stuck in their ways. Perhaps that is why only 5% of advertising is positioned towards this group and why it generally includes products like walk-in baths and mobility chairs.
They make up 36% of the UK population
More than 25 million people over the age of 50, making up approximately 36% of the UK population.
In 2019, the 50-54 age group was the largest age group in the UK. Data shows our country, as well as the world,
is growing older, with median age expected to reach 44.5 by 2050 in the UK, an increase of 10 years since the 1950’s.
They have a large spending power
Contributing 76% of the UK’s financial wealth, the over-50s are also out-spending the younger generations on consumer
goods as of 2016. They are house-rich, 68% of them owning their home outright, compared to just 12% of under-44s. Over-50s spends the most
on culture and recreation and 63% of them are hoping to spend their savings, leaving an inheritance being seen as optional.
They live life to the fullest
Resigning to a life of day-time TV isn’t on the cards for this group. Around 25% have taken up a new hobby or learned a
new skill since turning the big 5-0, 1 in 2
have visited a new country and they are not shying away from the internet and associated technologies. Internet usage
is almost universal amongst 50 to 64 year olds, the majority owning a smartphone and more than half are on social
media.
Thinking about the over-50s demographic might bring to mind frequent holidays and days out, welcoming homes and theatre outings, gardening and accidental Facetime butt-dials; a diverse colourful group adapting to ever-changing circumstances whilst living their best lives.
Therefore, really understanding their needs and desires, their likes and dislikes, and the best ways to facilitate their on- and off-line shopping journeys is extremely important for businesses and brands. The current over-50s cohort is only projected to increase in number and the age-groups coming in strong are used to targeted communications. To keep up with the demands and expectations of an increasingly larger and savvier demographic, businesses and brands might want to look at researching the over-50s at least half as rigorously as they do younger generations, and start to move towards better establishing their consumer types within their population.
If you have any questions or thoughts, let me know!
This page was built by Amelia Gavrila