We know what you're thinking: 50+ consumers are set in their ways, loyal to brands and impervious to marketing messages. But, that's all far from the truth. The 50+ market is actually no more or less loyal to brands than any other age group. "Loyalty is linked to brand category, not age," said AARP Publications Research Director Stephen Frost. "Most 50-plus consumers are open to new (brand) relationships." Smart marketers know that the 50+ consumer is one of exceptional spending power and vitality.
The "RP" in AARP no longer stands for "Retired People." It stands for "Real Possibilities." Here's why your brand should considering marketing to the new 50+ for real ROI:
The #1 Consumer Demographic
Did you know that the 50+ market accounts for 51% of all consumer expenditures? Yes, that's right: the audience you thought wasn't worth targeting makes half of all purchases.
And, that's not all. Consider these 4 facts:
The 50+ market will grow by 15 million over the next 10 years. That's nearly 3X the growth of the 18-49 market.
Boomers command 71% of all of the nation's wealth.
The 50+ market make 39% of all online purchases.
Boomers account for 51% of entertainment spending and and 57% of big ticket purchases including new cars.
Now, that's an attractive market!
The Wild West for Marketing
Boomers are an incredible economic force. Yet, they're an under-targeted market by brands. In fact, only 10% of marketing dollars are targeted towards the 50+ audience. That's forty percentage points of all marketing dollars left on the table to match consumer spending. Brands marketing to Boomers are pioneers, and "Real Possibilities" are theirs for the taking.