By now, most people are at least passingly aware of the rapidly-growing senior demographic, generally defined as persons 65 years of age or older. While this age group currently comprises about 13 percent of the U.S. population, they will represent 19 percent of the population by 2030 – a total of 72.1 million people.
What is becoming increasingly clear is that the whole notion of grouping everyone over age 65 in one broad category is simply misguided. While little research has been conducted to understand the life stages of this demographic (Link-age has conducted three such studies123), everyone from caregivers to marketing professionals would be wise not to view a 67-year-old consumer in the same way as an 83-year-old.
So...how should you view the “Ageless Consumer?”
Defining the senior category strictly based on a number is arbitrary and outdated.
The beginning of the senior demographic has long been associated with the traditional retirement age of 65.
However, aging isn’t about a number, it’s about the stages people will experience through the next 30 or so years of life (based on today’s life expectancy). Many people are working paid positions well into their 70s and beyond, even re-inventing themselves through second and third careers. They are also healthier and more active than ever before – utilizing their life experiences, knowledge and wisdom to give back, making them the highest percentage of volunteers in our country today and likely for many years to come.
Seniors like and use technology, but their focus changes as they age.
Those who think seniors are unwilling to embrace new technology, clearly forget what evolutions occurred in their lifetimes. This is a demographic that has adapted to and adopted more technology than anyone in the younger ages. Yes, their usage of devices changes as they age to accommodate, in many instances, a more simplified lifestyle, yet they are still broad users of smart phones, cell phones, tablets, smart TVs and the list goes on.
Years of LIFE experience has led to greater brand loyalty.
In the 65+ population, those over the age of 70 have more brand loyalty to those products (and the businesses they represent) that have been loyal to them. This includes brands that offer products that make sense for their life stage and companies that embrace the same values they have embraced. In addition, at this stage in life, people generally focus more on what they need versus what they want. Therefore, companies who understand this gain a competitive advantage.
Online shopping habits change as we age.
Broadly, the online shopping habits of people between the age of 65 and the late 70s are very similar to the younger age cohorts. Our experience with consumers beyond their late 70s tells us that the online purchasing experience is much different. This group tends to use the internet to research products and/or services and then completes the transaction in the store. They do this for various reasons: to actually see, touch and experience the product, to tap into the product knowledge of the sales associate and they tend to trust an in-person, rather than an online, transaction.
The people over the age of 65 today represent the fastest growing consumer demographic on the planet. Making broad assumptions about them as one homogeneous group labeled 65+ makes no more sense than assuming that all people under the age of 30 are the same, and each of these groups represents about the same number of years of life. This massive cohort can significantly impact your business, but only if you are willing to understand their needs as a consumer.
Link-age is located at 4605 Duke Drive, Suite 110, Mason, OH 45040. You can reach them at 866.710.8223 or visit their website at www.linkageconnect.com.
1Linkage Technology Survey, Age 65 to 100: Extending Technology Past the Boomers, November 2011
2Link-age Connect Survey, Next Generation Response Systems: From Fear to Function, February 2013
3Link-age Connect Study, Older Adults Internet and Social Media Usage, October 2013