Older Consumers Command Spending Power That Marketers Can't Ignore

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Brand marketers often focus their marketing efforts on younger consumers who are beginning to form loyalties based on their personal tastes, or who are most likely to spend as they start careers, buy homes and start their own families.

This focus on younger consumers may inadvertently result in missed opportunities as the average age of the global population rises. People are living longer and having fewer children, poising the world population to have one out of five persons over the age of 60 by 2050. The portion of elderly people will be even higher in Europe and North America.

While many older adults often say in surveys that they focus their purchases on necessities, economic data provide a more complete picture of their spending power, according to a report on Golden Age consumers by Ipsos.

The report cites data from Boston Consulting Group that shows in 12 of the major world economies, people between 50 to 70 years old are responsible for 27% of spending, or about $7 trillion a year.


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