The 50 and older set has $8.3 trillion in spending power.
Poetry aside, that is essentially what Roar Forward founder Michael Clinton wants consumers to abide by once they reach the 50-year mark. And many brands, advertisers and marketers are missing out on this sector’s spending might by not connecting with them in a true-to-life and relatable way, he said.
“This is a powerful economic group, but more importantly their attitudes, behaviors and lifestyles are all dramatically different than past generations.” Entertainment executives are waking up to the demographic too. Cue ABC’s “The Golden Bachelor,” Netflix’s “Blue Zones” and the new Hollywood studio MRC’s Landline Pictures, which will only produce romantic comedies featuring actors and actresses 50 and older to appeal to that same age group.
Roar recently released a national study of consumers in the 50 to 70 age range. One takeaway was the misconception that brand loyalty is a given, with some respondents stating they walked away from brands that did not represent them. Conversely, one in two said they tended to shop from brands that authentically represented them, Clinton said.
As for the disconnect in terms of imagery, copy and narratives, Clinton said, “We found that the majority of people around the creative team are young professionals. What happens is there’s a default to younger images. It reminds me of the days when a bunch of men used to sit around the table and create advertising for women. Today there are very few people over 50 around the creative table to say, ‘Wait a minute, this is what over 50 can look like.
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