Redefining the Over 50s

REDEFINING THE OVER 50s Over the last few decades, age has become less of a predictive agent across many consumer fields but broad differences in the needs and attitudes of various ages will never entirely disappear. The swell of older consumers is one of the most important emerging social phenomena shaping the UK consumer landscape today. Alongside, the concept of old age is undergoing a serious cultural reassessment as age barriers weaken and opportunities for older people blossom. Undoubtedly, this is going to revolutionise how marketers wish to segment or target older consumers; it is likely a more age inclusive approach will emerge and find commercial favour. 30.1% 1970 26.4m 1980 30.6% 1990 29.9% 2000 24.8m 31.2% 2010 2020 32.5% 2030 23.4m 35.2% 2040 35.2% 35.7% 20.2m 18.4m 17.2m 17.1m 16.8m Population of over 50s in the United Kingdom: 1970-2040 Proportion of over 50s within the total population of the United Kingdom: 1970-2040 66 For the first time ever there are now more people over 60 than children under 16. Census 2001 AGEING AS SUCH IS NOT THE BIG STORY OF DEMOGRAPHICS. THE REAL STORY IS THE CHANGES IN PEOPLE'S ATTITUDES AND APPROACH TO THEIR LIFE COURSES (AND AGE ITSELF) THAT ARISE FROM THE INCREASES IN LONGEVITY. ATTITUDES TO MONEY £4k /mth Net household income Essential expenditure £3.5k 83% of third agers plan to £3k spend heavily in retirement £2.5k Over 50s account for 80% Third Agers have more disposible income, and they are spending it! of the nation's wealth £2k 50+ £1.5k £1k £0.5k £0 60% of retired people are Over 50s account for 40% having the time of their lives of all consumer spending 66 People in their 50s and 60s are increasingly affluent, active and well-travelled. TUI FHF THE WORKPLACE IS ALREADY LESS DISCRIMINATING AND RETAILERS HAVE WELCOMED GREATER AGE DIVERSITY IN THEIR WORKFORCE. THESE SHIFTS WILL HAVE A MARKED IMPACT ON THE LIFESTYLES, SPENDING POWER AND CONSUMPTION OF THE SO-CALLED GREY MARKET. ATTITUDES TO TRAVEL 1 IN 3 HIGH GAP YEAR 41% OF EARNERS HAVE SPECIALISTS, THIRD-AGER CONSIDERED TAKING VENTURECO SAW A HOLIDAYS WERE OR HAVE TAKENA YEAR OUT FROM THEIR CAREERS. 600% INCREASE IN BOOKED BETWEEN BOOKINGS FROM 2 & 5 MONTHS IN PEOPLE AGED 44+ ADVANCE 66 Holidays of a lifetime: Longer-haul, more exotic, more adventurous. Y&R IN AN AVERAGE MONTH, OVER 50s SPEND £535m ON TRAVEL. THEY TAKE MORE HOLIDAYS ABROAD, AND ARE MORE THAN TWICE AS LIKELY TO TAKE THREE OR MORE HOLIDAYS PER YEAR THAN ANY OTHER GROUP STUDIED. ROLE MODELS AND CULTURAL ICONS BABY BOOMERS BROUGHT US THE FOLLOWING GLOBAL BRANDS: ARBU BlackBerry iPod amazon.com and you're done. COFFEE MIKE LAZARIDIS, 50 KANE KRAMER, 55 HOWARD SCHULTZ, 58 JEFF BEZOS, 47 CULTURAL ICONS INCLUDE: HELEN MIRREN SEAN CONNERY JOANNA LUMLEY MICHAEL CAINE The over-50s are THE power generation in the UK today. 61-91 20-23 24-26 67-L7 48-52