"Growing older is getting cooler, according to the advertising industry. As those who (mis) spent their youths in the late Seventies hit the "big five-oh", marketers are wondering how brands can target this new wave of oldies".
To myself, this statement seems so untrue; who ever thinks they are cooler the older they get. NOT ME!! :) But there must be reasons for this. This advert is directly targeted at the over 50 generation.
The over 50 generation are an increasingly powerful group. Owning 80% of the UK's wealth. This adult generation's population are dramatically increasing and by 2020 they will make up more than half the adult population. Marketeers and advertisers adore this group as it makes advertising easy for them. It is said that the most brands are successful when they learn to grow up alongside their consumers. Thus keeping their brand loyalty.
However, they have only just started avoiding the pitfall of regarding all over 50's as the same. Nowadays; they are split into 5 main groups:
- Home is where the heart is (3.9 million)
- You cant take it with you (5.1 million)
- It's time to enjoy (3.2 million)
- Mind, body & soul (3.8 million)
- Secure and sophisticated (4 million)
This group like the simple things, they like to have a nice family life and life a comfortable lifestyle. Here is a few facts and figures about this type of over 50: 64% are female, with an average age of 71, 51% are married, 33% are widowed, 79% are retired, and have a median household income of £11,500. This group think highly of their personal principles and rules - suggesting that they follow a very structured way of life. This is then closely followed by the environment and ethics and cultural outgoings. They have great amounts of respect for and trust in institutions, including brands.There summary profile can be shown below.
As like any other generation, home is where the heart is have their own leisure pursuits. This includes activities such as: bingo and watching television. As you can see these are activities that are generally done within the comfort of their home. They are less likely to eat out a restaurants and use the internet.
Here is a list of their favourite brands:
Secure and sophisticated
The secure and sophisticated group are the people who feel like they have fulfilled all they wanted to in life, and now have no money troubles with a much higher income then the 'home is where the heart is' group.
Here is a few facts and figures of the secure and sophisticated group: 75% male, have an average age of 63, 81% are married, 38% still working, 77% are in the ABC1 class, 22% are more likely to live in the middle east, and have a median household income of £25,000.
These people are still financially active, making higher income work for themselves. They like to take on financial burdens which are traditionally done by the welfare state. This group are highly interested in adopting new technology - especially through the use of the internet. As well as being keen in keeping fit and staying healthy.
Below is their Demographic Profile:
The secure and sophisticated tend to buy into brands such as: Bupa, Pc World, Marks and Spencer, Natwest, Visa, Google, Visa, Dell, Halfords and HSBC.
Traditional Attitudes of over 50's
Many people over the age of 50 tend to buy certain types of products, this may be due to different events that has happened within their lifestyle such as the world war 11. Their particular affinity includes:
FOOD: Ice cream, crackers, sweet biscuits, artificial sweeteners, soups, bread, cakes, frozen fish, and stock and gravy.
FINANCE: Life insurance,
DRIN
He
Leis
There top media are:
TV:
PRES
As you can see the over 50 generation tend to stick to products they know, and are sure of. Most groups do not feel the need to change the brand they use. The table below shows the top brands the 50+ age bracket use.
Next I would like to inform you about their values, these have been influenced through events that have happened within their lifetime.
Time line of Events
Firstly in 1939 the World War 11 began, by 1945 World War 11 had ended. In this year Hitler also committed suicide, making the Germans surrender.
The war in Japan also ended due to the use of the Atomic Bomb.
In 1948 the Welfare state came into action meaning a national health service was set up so that people of all ages could be cared for. Benefits to help the poor and unemployed were introduced - this was all paid for by the new national insurance tax on workers.
In 1952 George V1 died, this king dies at the age of 56 and Queen Elizabeth was then set to rein for 50 years as queen.
In 1955 Commercial TV began, the BBC's competition as ITV was launched.
In 1966 England finally won the world cup of football.
Neil Armstrong became the first man in history to land on the moon during a trip by apollo11 in 1969.
Other main events such as: decimalisation in 1971, Britain joins to EU in 1973, First female prime-minister in 1979, the Falklands War in 1982, and finally peace in northern Ireland in 1998.
Online Behaviours
Facebook is by far the most widely used social media site and is pushing its reach into older age groups - especially the over 50's. However other social networking sites such as Twitter are closely following them.
These figures suggest that the older generation are becoming much more advanced with online and developing technology. In terms of sub groups, both the home is where the heart is and mind, body and soul have particular interests into different types of sites. These tend to be information sites other than entertainment.
As you can see most people are interested in travel. This may be because the 50+ groups tend to have more disposable income then others, and they are retired or they want to waste their money so they do not have to pass it down to other generations, such as the 'you cant take it group'.
If I was to create an advert for...
A Holiday: I would aim it at the secure and sophisticated section of people who are over the age of 50. This is because as I have already established this group are much more prone to booking holidays and flights, therefore they would be a much easier target. Also as I already know this group are the people with the money, so a higher class feel to the advert would need to be shown.This group of people would like to go on cruises with many activities. The advert would take the same shape as the one below:
Music: Beach boys - I get around, this is because this type song was from the 60's and is a feel good tune which all people in this generation will know. Or the Who - talking about my generation.
A ready meal: this would obviously be aimed at the 'where the heart is' group. This is because they enjoy the comfort of their own home, and enjoy family time. This is captured really well in an advert by Oakhouse foods.
Similarly; my advert would be very similar when targeting this age group.
Summary
In summary the over 50 generation are rapidly growing and are now a more dynamic group then ever. As a consequence of this the baby boomers will have to grow further, and those entering at the younger end will have expectations of continuing their existing lifestyles. As this blog has already established there is NOT just one group of over 50's, and it is important when marketing to this generation that they understand this, as each group works in different ways. Each of these groups have their own way of living, and are set in their ways when it comes to shopping for a brand.
Great read - you have a lovely way of putting things. Good to see all the secondary research but don't forget about Solomon. Very good on marketing application
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