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Follow on Google News | The New Consumer Majority is the Senior MarketZillner research series “All the Wiser” reveals complexity of new Senior consumer
By: Zillner The Senior consumer market, comprised of more than 23 million seniors and another 81 million baby boomers, is more than 100 million strong. It is diverse, in terms of ethnicity and lifestage. Spending in the age 50+ consumer market is estimated at $3.1 trillion across all industries, except health care, which is estimated at an additional $1.6 trillion. This is an estimated $4.7 trillion in spending for senior and boomer consumers. Traditionally, brands and marketing officers have overlooked this lucrative opportunity. Decision makers default to conventional wisdom that young adults experience more life changes and make more brand choices than their older counterparts. This is a complete disconnect from market realities. The effect of Lifestage People 50+ actually experience more lifestage changes than any other cohort. (See accompanying Lifestage infographic.) As adults age they become more individuated and comfortable in their own skin. This is commonly expressed as, “I am more me as I get older.” For marketers this means messages must be more targeted and personalized to achieve communication goals. More diverse As the boomers move into the senior market, they are becoming more culturally and racially diverse than any previous older generation. The boomers are experiencing the first generation of fully acculturated Asian and Hispanic matures, raised by foreign-born parents. By 2025 the population will be: 20.5% Hispanic; 5.8% Asian; 12.6% Black; and 57.6% White. (See attached infographic.) “It is unrealistic to develop products and messages for 100 million older people who are incredibly diverse,” said Patti Aspenleiter, President of Zillner, an agency providing research, strategic and marketing services focused on Senior consumers. “Zillner created a proprietary segmentation, Senior ID, to allow companies to prioritize the senior segments that fit their brands. We illustrate how to effectively use segmentation in our new research series, All the Wiser – Senior Consumer Insights and Outlook. “ All the Wiser – Senior Consumer Insights and Outlook is a four-part research and insight series focusing on: Senior Buying Power and Marketing Income/ Investments Expenditures Brand loyalty Engagement Media consumption Marketing best practices Technology Ownership Adoption Use of technology and devices Lifestyle — Mind, Body and Spirit Family composition Lifestages Relationships Religion and spirituality Health & wellness Senior Influence Marketplace Politics Volunteerism/ Green Workplace and retirement Each section of the series features fresh-from-the- Part 1 of All the Wiser – Senior Consumer Insights and Outlook, is available now at zillner.com/ ### ABOUT Zillner is the nation’s leading Senior consumer agency, providing research, strategic and marketing services to brands targeting consumers age 50+. With 20 years of experience targeting senior consumers, Zillner has created a set of proprietary tools to help brands understand, reach and motivate seniors to purchase. Contact: Lori Bitter, The Business of Aging Telephone: 415-652-9884 Email: lori@loribitter.com (mailto:rosa.mangiardi@ Sources: US Census Bureau, Population Division, June 2013 AARP, Health Innovation Frontiers: Untapped Market Opportunities for 50+, 2013 US Census, American Community Survey, 2010, 2012 End
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