More 50+ Insights
As a generation, those now in the 70+ demographic have always gone their own way. They came of age in the postwar era and—shaped by a time of great promise and possibility—have redefined expectations at every stage of life ever since.
Now these consumers are embracing their freedom, while also drawing upon the emotional maturity and resilience that come from life’s ups and downs. Compared to past generations, more of them can count on years of good health, with lifestyles supported by medical advances, smart nutrition and their own fitness regimens.
These consumers are pursuing passions and purpose and are highly receptive to brands that help them create the lives they envision. For marketers, now is the right time to reach out to develop and strengthen brand affinity.
Here are four compelling facts about the 70+ demographic:
They will be the fastest-growing consumer segment for the next 10 years
Nearly one in five U.S. households is a 70+ household. They’re the fastest-growing population segment in the U.S., and they’ll continue to outpace all other age demographics. Now 40 million strong, the 70+ segment is projected to grow to 55 million by 2031—growing by 1.5 million annually.
They have the highest net worth
Consumers 70+ have the highest accumulated wealth among all age groups, with an average net worth of nearly half a million dollars ($498k), according to MRI-Simmons. They also maintain a sizeable annual household income, ensuring that their financial position will remain strong.
They spend more
The 70+ audience has a significant impact in the marketplace, spending $1.1 trillion annually on consumer goods and services. They are responsible for one-quarter of all expenditures made by 50+ consumers on apparel, entertainment, household furnishings, personal care, food at home, AV equipment, pharmaceuticals, health insurance and medical supplies.
They love media
The 70+ audience consumes media content across multiple channels, as they have always done. This generation has welcomed every new media platform since radio, driving the cultural relevance of broadcast TV and the rise of cable networks. Now, due to pandemic-related factors, they have embraced the explosion of the internet, the proliferation of social media and the use of smartphones. They’ve done this all while maintaining a lifelong love of magazines and the printed word. Today, 70+ adults are highly engaged in media, with 98% using magazines and/or the internet, and 78% using both, making them an essential audience for integrated advertising campaigns.
As author and entrepreneur Arianna Huffington said: “I see how much easier it is at 70 than it was at 30 to live the life I always wanted to live. And that, to me, is the real gift of aging … getting older is about liberation.”
Their liberated lifestyle makes 70+ consumers game-changers for a wide variety of brands and, considering their growing size, their spending influence is primed to expand. Brands can build strong relationships by demonstrating how they can help this important consumer segment pursue its passions and purpose.
This article originally appeared in AdAge.