A recent article in the Financial Times highlighted that ‘Britain’s young adults, who for much of the 20th century enjoyed living standards well above average, have been displaced by the rise of the comfortably-off pensioner in the most dramatic generational change in decades.’
— Financial Times (@FinancialTimes) February 23, 2015
In 2014, Saga published a report on consumer spending among the over 50’s, claiming that the ‘silver pound’ has become relatively more important since the financial crisis, with expenditure among households of the over 50’s making up a growing share of overall UK household expenditure, accounting for over half of expenditure on health, recreation and culture, alcoholic beverages, restaurants and hotels.
Although this is not completely surprising when the over 50’s hold around 80% of the UK’s financial wealth (ONS), it is a huge opportunity for brands to really appeal to this powerful segment of people in a number of ways.
DECIDE. have been looking at how brands can transform their approach to product design, packaging and shopper marketing to engage these diverse and lucrative consumers. As a taster, have a read of our summary piece by clicking the link below, but feel free to request our full reports on the over 55’s Health, Beauty, Male Grooming and Alcoholic Beverage sectors by using the contact details provided in the whitepaper.
[tw-button size=”large” background=”” color=”” target=”_blank” link=”http://www.thedspot.co.uk/wp-content/uploads/2015/03/Over-55s-Summary-Thought-Piece.pdf”]Over 55’s Summary Piece[/tw-button]
“Communicating with the over 55s isn’t about treating them according to their age and income. We must understand what really makes them tick to help influence their decision-making at the First Moment of Truth.”
Rosy Parker-Blair, Client Services Director, DECIDE.[tw-divider][/tw-divider]
Feature Image: James Vaughan, Flickr