Bridging the Aging Gap
There are currently over 110 million adults ages 55+ in Canada and the US representing 30% of the population. By 2050 they will represent 36% of the population and a staggering 42% by 2100! The world is getting older, and it will continue to do so.
Yet despite their size and buying power, older adults are largely ignored or often stereotyped in marketing. With their needs changing as they get older, there is a great opportunity for organizations to develop products and services that solve for these unmet needs and to bridge gaps in understanding while driving significant incremental revenue.
- The business world highly overestimates the spending power of younger adults (particularly GenZ) while underestimating the longer-term opportunities and spending power of older adults.
- The potential for a higher lifetime value with younger consumers is offset by less brand loyalty and a greater likelihood of switching brands.
- While marketers admit older adults are often ignored, they express a desire to target them more effectively.
- Prevalent ageist stereotypes paint an unrealistic picture of older adults leading to them being ignored or portrayed in stereotypical, unrealistic, or non-inspirational ways.
Age of Majority conducted research in March 2023 to better understand gaps in understanding older consumers.
Our survey sample consisted of 931 respondents, working adults aged 18+ employed across a large range of industries. Findings were compared to 2021 Consumer Expenditure Surveys, collected by the US Census Bureau for the Bureau of Labor Statistics. Population estimates data come from the United Nations World Population Prospects 2022.