Millennials share stuff. Over 50s buy stuff.
Judging solely by mainstream advertising you’d think Millennials are the only people who ever buy anything. Over 50s are relegated to cliched supporting roles - that’s if they have any role at all.
It’s understandable when you realise that ad agencies are staffed mainly by people in their 20s and 30s, who don’t have a clue about what older people are really like - physically or cognitively.
But here’s the thing - over 50s are the ones who actually have disposable income and buy things.
Over 50s spend more than millennials and Generation X each year on consumer goods purchased online, with the highest average purchase amount of $117 (NZ Post data 2020)
They spend an average of 27 hours online each week; two hours longer than Millennials and Generation X
77% regularly research and buy products online
Over 50s purchase 64% of all cars, 55% of all travel, 50% of all alcohol and more
than half of new clothing, household items, electronics, furnishings, and new build homes.
Statistics New Zealand’s recent data shows that the over 50s market is growing fast and will dominate the consumer landscape in the future.
Statistics New Zealand 2017
The number of people aged 65+ doubled between 1984 and 2014 to reach 650,000. The number is projected to double again by 2039.
By 2032, it is expected that 21–22 percent of New Zealanders will be aged 65+, compared with 14 percent in 2014.
From 78,000 in 2014, it is likely that 220,000–270,000 people will be aged 85+ in 2041. By the 2050s, about 1 in 4 people aged 65+ will be 85+ compared with 1 in 8 in 2014.
Wage and salary earnings of seniors are likely to rise from around $4.8 billion in 2016 to around $10.7 billion in 2031. Self-employment for seniors is likely to rise from around $1.7 billion in 2016 to around $3.8 billion in 2031.
The total value of expenditures by seniors is projected to rise from around $20.7 billion per year in 2016 to around $42.4 billion in 2031.
On present patterns of expenditure, 28 per cent of their expenditure is expected to be spent on foodstuffs, alcoholic drinks and tobacco, clothing and footwear. 22 percent is expected to be spent on housing and housing related items. Health (11%), transport (13%, recreation and culture (11%).
If you’d like a hand navigating your way around the over 50s market get in touch now