Seniors have long been a forgotten or ignored generation in American society. There is the darling demo that so many products use as their focus – Adults 25-49 – because these are households with children, so they arguably buy many things. And today’s millennials are the fastest growing group with doubtless increasing income. But if there is any relevancy to your product, here are a few interesting statistics about seniors that might give you a second thought.
- According to a recent study, roughly 70% of all the disposable income in the United States will come from this expanding group of seniors within the next five years. According to AARP, nearly 10,000 adults turn 65 every day.
- This age group has roughly 47x the net worth of their younger counterparts and an eagerness to participate with technology.
- According to the Pew Research Center’s Internet & American Life Project, “the 74-plus demographic is the fastest growing demographic among social networks.”
- People over 65 are more likely to be influenced by straightforward messages that get to the point rather than obscure ads and games.
- Unless they are very infirm or in a late stage of dementia, seniors are making decisions for themselves in what they buy and how they spend their money
With that said, like any demographic, if seniors are a potential market for you, it is important to consider how you are going to address this lucrative segment of the population. A few things that will be important to guard against include:
- Printing with very small or difficult to decipher fonts. Make it easier to read for eyes that may not be as good as they were 20 years ago.
- Video is great but calm it down a bit. Don’t expect your over 65 audience to enjoy fast moving images, intricate special effects or rapid narrative.
- Watch your language. Using millennial street talk won’t endear this audience to your product or service.
- Respect their intelligence. Just because they’re older, don’t talk down to them. They may also be wiser!
- Focus on benefits and what will enhance life, not the hardships of aging.
Where do seniors spend their money? They have houses, furniture, clothing, food. They go to movies, travel and buy gifts. They drive cars, sail, ski, play tennis and pickleball. When they want something, they have the money to just go buy it rather than saving for the future. They still are concerned with their families, and often contribute greatly to the households of their 25-49-year-old children.
Senior living is not what has been portrayed in older movies and books about the lifestyle of grandma and grandpa. It’s an expanding, lucrative target, if you know how to talk to them. Learn how to make this an important focus in conducting your business.