boozing boomers | Greyafro #50Notout

50 really isn’t old. I keep telling myself that over and over as I get closer and take comfort in the ever lounder noise about this market and the need to take it seriously. But what is old in reality?

All the research I have done and been party to tells me you have a notional split between the young old (sort of 50-70) and the old old (70+). Of course really not that simple and age is a poor proxy but a starting point that is easy enough to grasp.

I will look at the “young” old for now and I’ll resist the temptation to give them a tag for as long as possible (but that is surely a massive opportunity for an accurate but not patronising title). Based on the data I have seen this age group is c20million adults in the UK and forecast to grow substantially in the next 30 years as living longer starts to fully kick in.

Lets zone in a bit further on what defines this group:

Go on the most holidays annually
Over 9million are still working (and that will rise out of both necessity and desire)
Have the most savings c70% of all in the UK (£6.2 trillion according to Saga last year)
More than 75% believe the skills and talents of older people are underused
Tablets are the must use device and close to 90% of over 50s have the internet at home
In 2015 over 50s spent £39bn on travel
40% book holidays online direct with the travel company

Bit of number wang but gets the point across hopefully. Within this group are genuine consumers with money to spend and key needs to fulfil.

So What?
However you split this group up there is a gap they aren’t acknowledged and talked to and the fact that age really isn’t the differentiator attitude/health/wealth being better down differentiators.

If you’d like to target this valuable group and make more more money for your business please get in touch and do follow me on LinkedIn and Twitter. I’d also ask you to share this blog and my mission with anyone you know who might benefit, be looking for expert help.

#50notout

Julian@greyafro.com

Stats c/o of silvertraveladvisor, my friends at December 19 and various searches on Dr Google

I am not the first person to become passionate about this group and certainly won’t be the last!

People are not all the same

I hear more than I’ll ever need to about whatever really constitutes Millenials without really being any the wiser on who they really are. The only thing that strikes me is that the age band is inheriting a mess from those who have gone before and perhaps a bit more time sorting that out would be the best possible use of time.

What I don’t hear enough about is the over 50s and what I do hear contains words I really don’t see anyone relate to – Silver Surfer, Boomers & Old. The more established concepts pre-retired/retired & empty nesters and the elderly also don’t really cut it but are a little more helpful.

Reinvention

I’m most passionate about the 50-70 age group and everything within in it. The need to reinvent yourself close to 50 has never been clearer and the unifying aspect is that this cohort don’t see themselves as old and in pretty much every example I can think of are consuming life in the fast lane (check the stats on Boozing Boomers if you want some clarity).

My expertise is greatest in this area and I’m focused on this group and believe the travel, leisure and finance sectors could benefit most. My personal experience has been of them broadly hating you (FS) loving you (Travel) and somewhere in between (Leisure). Population growth shows this is where the growth is/will be in the next 10 years in particular.

How to Reach them…

The role of the full mix of marketing is ever stronger for all of these categories – paper still works remarkably well but contrary to some increasingly discredited wisdom they aren’t all technophobes and in many ways the novelty of digital having grown up without it is still just about unique and in my experience they are the group most likely to persist with Facebook as it wrestles with privacy.

If any of the above sparks anything then I’d love to talk and as always very keen to hear your thoughts.

Until next time

#50notout

Julian

The Young Old

The case for the Over 50s Market