The demographic of over 55’s is one much like every other demographic out there, it is evolving at high speed. Due to large scientific developments this age group has more freedom than ever before, with a desire to travel, to learn and to enjoy a time truely for themselves. This generation will not be settling for anything less than the luxury they deserve, after many years of working and earning their place in society.
The marketing landscape is incredibly varied and creatively challenged on a daily basis. The modern-day marketer must keep up with everything from trends to technology and this is down to understanding the psychology of the consumer in question. It is impossible to understand the consumer without seeing what they are experiencing and gaining a sense of what their day-to-day lives entail.
An understanding of the current population may seem like a daunting task, but it is one that is required. We know that the UK population is changing, in mid-2014 the average age exceeded 40 for the first time ever, meaning it is time to adapt once more.
There is of course, a stereotypical view that the 55-75-year-old age group is one that is not fond of change, one that is hesitant to adapt to technological advances, but this is simply not true. A recent study of the market indicates that 71% of 55-75-year-old’s own an app-capable handset. The same study also indicates that this age group has seen a faster adoption rate than that of any other over the past five years. So, it is no longer acceptable, nor is it possible, to neglect this huge demographic.
The response to this shift is happening now. The negative connotations usually associated with those in later-life are being diminished and developers across the country are taking a reactive approach.
New developments are appearing all across the country, not only offering a luxury place to call home, but offering amenities such as spa’s gyms and restaurants. This kind of development, exclusively for the over 55’s is a proactive way for developers to create demand for an aspirational lifestyle later in life. The term ‘right-sizing’ is most accurate for this demographic, and just shows the adaption the market is taking in order to fully serve the generation.
Traditional marketing will always have its place, as will digital. Many are led to believe that traditional media is no longer effective, but as we know, sweeping statements like that can never be used by marketing professionals as the landscape is far too complex for assumptions. Here at Fred we have found that the right combination of traditional and digital has been greatly effective for the over 55’s. The personable feel is appreciated when traditional media is offered, and the accessibility of digital media is beneficial. By using the correct platforms at various time ranges, we are able to create a good, measurable engagement rates.
But the key thing to always remember about each and every demographic, is that evolution will never stop. Engaging with our consumers on a regular basis is the best way to keep up with their psychology.