The Economist just published an article that resonates with me. The article is titled “The Grey Market. Older Consumers Will reshape The Business Landscape”. It explains the current “grey-quake” of an older population as the richest in the richest countries and how it has largely been ignored or miss-targeted by companies trying to sell their services and goods.
The Economist focuses on an older age group (Baby Boomers) than my own, but it is also relevant to me. Per the Economist, “companies have been relatively slow to focus on this expanding market…”. They go on to state “One reason for this tardiness is that young people dominate marketing departments and think that the best place for the old is out of sight and mind.” LOL but true. I know many “older” women who are and look in better shape than likely 95% of 20 year olds, not to mention the fact that they are tremendously wealthier with far greater time to spend on themselves. Let’s face it this group is ready to spend on current trends: technology, gadgets, devices, wellness, fitness, fashion, beauty (and not just anti-aging skincare) etc..
The article continues to point out that a report by the McKinsey Global Institute highlights how “…older consumers are one of the few engines of growth in an otherwise sluggish global economy”. Millennials are still suffering from student debt and the 2008 financial crisis fallout.
So the “old” really should be “in”. There is some difference between the 30/40/50s and the 60+, which is how their money is being spent. I’ve noticed that travel becomes a lot more important. There is more freedom to do so with children as adults plus there is an uncompromising desire for more luxurious style of travel. The point is though that money is being spent for this entire age bracket.
Have companies got the 35+ female crowd all wrong?
Younger editors, all media, and those companies trying to sell us products – listen up. We are the ones with the spending power for ourselves and for our daughters. It’s fun trying new color makeup and checking out new fashion ideas. Our music gets us going every single day (for me it’s top 40 or R&B). Our fitness gadgets, apps and devices are the latest and greatest. We are “down for” all things on trend. We want to know what’s new and hot. We are hot. (We work hard at staying fit and healthy!) Don’t alienate us by treating us as old.
To read the Economist April 9th article click HERE.