Embracing the Age: The Untapped Market Power of the 50+ Demographic

Reassessing the Value of Older Adults in Today’s Youth-Obsessed Society

Everyone knows that the world is getting older, with 1 in 3 people over 50 by 2050. We appear to delay aging even as our chronological number increases, thanks to more healthy ‘middle years’ driven by health and life span increases.

Yet, we are still a decidedly youth-obsessed society. The number of 40 over 40 lists increases as brands invest more dollars in courting the young.

Those of us on the other side of youth (for argument’s sake, 50+) are shaking our heads, still wondering why we are being passed up, feeling unseen, and finding it harder to get work.

Yet, this young vs. old dynamic is short-sighted and bad for business.

The Economic Case for Focusing on the 50+ Demographic

Consider this fact: 50-plus consumers represent over 35% of total spending, but just 5% to 10% of marketing budgets are earmarked for this group. Shouldn't more resources be devoted to higher-value markets? Why aren’t marketers hiring older people to reach this demographic?

In short, businesses need to celebrate older adults and bring them back into the spotlight as consumers, employees, and valuable contributors to the community. Consider this:

• As consumers, people over 50 will account for 59% of global consumption by 2050

• As employees, adults 55-64 and 65+ are the only groups expected to increase their labor force participation by 2032, whereas others remain flat or shrinking.

Celebrating Experience: The 50 Over 50 Lists

It's time that we celebrate 50 over 50 lists.

Think Inclusive, Not Exclusive

Putting 50+ individuals into the spotlight doesn't mean shutting out younger counterparts. In fact, marketing to a 'number' (age) is a surefire way to fail in reaching older adults. With the rapid change in health span, one's chronological age is becoming less relevant than understanding the needs and aspirations of older adults, who may have commonalities with their younger counterparts at certain stages.

By understanding the stages of experience, seasoned adults and marketers will uncover new opportunities that seem ageless.