Why is the mature market important?

For the first time in our history there are more people over the age of 45 than under 45 and by 2020, there will be more people over 50 than under. 

Our society is ageing - and while the long term implications of this have yet to be fully understood, what we do know is that mature consumers hold the key to success for brands and organisations selling goods and services in virtually every sector. 

The 21 million UK consumers, who are over the age of 50, hold between them just under 80% of the country’s wealth which is approximately £9 trillion. 

While much of that is tied up in property or pension funds, they do have an annual disposable income after essentials such as food and housing of over £200 billion each and every year. 

The most economically active section of this consumer market are aged between 50 and 75 and their discretionary spend per head, on average, is three times higher than consumers in their 30s. 

The internet offers older consumers unlimited information about brands and products - and the time to review, compare and buy at a time that suits them. 

Indeed, the number of 65 to 74-year olds accessing the web with a tablet jumped from five to 17 per cent between 2012 and 2013* - showing an expanding opportunity even at the upper end of the age spectrum. 

The 50+ group accounts for more than 40% of all consumer spending, and a significantly higher percentage of luxury goods. As their use of the internet increases, so too does their online purchasing.

Shaping the future

The sheer size of the older market now means that it cannot be treated as one group with shared interests. And a 55 year old is as far removed from a 90 year old, as they are from a 20 year old, so we cannot use age as a common denominator.

* 21 Million over 50 in UK

* 80% of UK wealth owned by the over 50s

* 63% older net users buy online

* 23% more likely than average British adult to be online once a day

* 12 million online - one in four web users is over 50

Gender, location, race, employment status, marital status, health and hobbies all divide and sub-divide this huge group of consumers.

But apart from what divides them, there are also key attributes which unite them, regardless of their personal preferences. The mature consumers are savvy, well-informed and very often opinionated.

We created the Owl group network to give advertisers the opportunity to engage with older web users as they negotiate later life.

 

*Ofcom: Adults’ Media Use and Attitudes Report 2014