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Did you know that consumers over the age of 50 move around US$ 7 trillion a year? That's right! According to the Boston Consulting Group (BCG) “Don't Overlook Your Mature Consumers” study, mature consumers have incredible potential that is often underestimated. Let's explore some insights from this study and unravel some myths about this very important group.
The data reveals that people between 50 and 70 years old are responsible for 27% of spending in nine product categories. These categories include automotive, travel, investments, appearance, online marketplace, alcoholic beverages, skin care, health supplements, and healthy snacks. This age group represents a significant and growing market.
In Brazil, the group of people over 50 is the fastest growing, with 54 million individuals currently. And by 2050, this number is estimated to reach 98 million. Therefore, understanding and meeting the needs of this group is fundamental to success in the current and future market.
Older consumers demonstrate greater financial stability and resilience compared to younger consumers. Only about a quarter of them worry about their economic situation, compared to nearly half of young consumers. This group generates around US$ 7 trillion a year, thanks to different sources of income, such as private pension, accumulated income, pension and retirement. This financial diversity makes mature consumers less vulnerable to economic uncertainty.
In addition, almost 90% of the respondents stated that they have enough money to lead the lifestyle they want, without needing the support of their families. In other words, it's not a myth that older people have financial resilience. They are ready to embark on meaningful experiences and have buying power.
A misconception about mature consumers is that they don't use technology and don't shop online. However, the BCG study revealed that around 90% of respondents use social media platforms at least once a day. In addition, 39% of Brazilian respondents said they buy clothes online.
It's important to demystify this idea that older people aren't digitally connected. These consumers are present on social networks and are easy to make purchases online. Therefore, brands should consider digital marketing strategies aimed at this audience.
Another myth uncovered by the study is that older consumers prefer fact-based advertisements and value information considered reliable. They seek to validate the experience of people of the same age group in segments such as vehicles, trips, and investments. This is because they want to reduce the risks associated with large purchases.
Therefore, when creating advertisements and marketing campaigns for mature consumers, it is important to consider this preference for reliable information. Offering relevant and informed content will help establish trust and attract that audience.
Consumers over the age of 50 represent a valuable and growing market, moving in trillions of dollars a year. Your spending spans a wide range of product categories. Contrary to some myths, they have financial stability, are active in the use of technology, and value reliable information.
Brands that recognize the potential of these consumers have the opportunity to develop focused and targeted marketing strategies, offering products and services that meet their needs. So don't underestimate consumers 50+. They have a lot to contribute to the overall market.
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