Wondering how to target seniors for marketing? That’s understandable. They’re a unique demographic. The good news is it’s not too difficult to market to “older” folks.
The alarming claims of the impending death of print media advertising were not only greatly exaggerated – they were dead wrong. Print media advertising isn’t just hanging on, either. Now that digital advertising has been around long enough to be evaluated, it’s clear that the advantages of print media are many. But the best use of print advertising isn’t when it’s a substitute for other media. When print advertising is combined with other advertising media, it shows its real strength.
By embracing the many advantages of print advertising and adding it to their marketing mix, advertisers can leverage the power of both print and digital to create the most awareness and revenue possible.
The Spending Power of the 50+ Population.
Disposable Income
Senior citizens spend 50% of all purchasing dollars in the United States, even though less than 5% of advertising is focused on them. They are the most affluent segment of our society comprising more than half of depositors in financial institutions and controlling 75% of the nation’s financial assets, control 70% of our country’s net worth, and over half of its discretionary spending.
Planning For The Future
By 2023, almost 70% of disposable income will originate from senior citizen spending. According to J. Walter Thompson Specialized Communications, the mature market has over $1.6 trillion in spending power and a net worth that’s nearly twice the U.S. average. In terms of economic impact, about half of America’s discretionary income lies in the pockets of those of us fifty and over, a group that is increasing by some six thousand people per day.
Healthcare
Seniors dominate healthcare, spending over $1.1 trillion annually. They purchase 74% of all prescription drugs and 51% of all over-the-counter drug purchases representing a $100 billion market.
Travel
Seniors represent 80% of all luxury travel purchased in the U.S., making up 65% of all cruise passengers and typically spending 74% more on vacations than the 18-49-year old population segment.
Online
Life 66% of those 65 or older said the Internet had made their lives more interesting, and 46% in the same age group said the Net had improved their relationships (Source: Active media, 1998).
Exercise
Seniors are living longer, healthier lives than any generation before. Life expectancy has increased 30 years over the past century, and 16 million seniors exercise at least 3 times a week.