Over half of consumer products and services are said to be purchased by people over 50 yet marketers often overlook older adults as potential customers, spending less than 15% of their advertising dollars to reach this demographic.
Ontario’s Centre for Elder Research says advertisers may be missing out on a huge opportunity if they are not paying attention to this demographic. They quote an article written for CEOWORLD Magazine by Beth Hershfeld, that says baby boomers and seniors are craving products and services to meet their changing needs and they have the desire and money to pay for them.
A 2014 Bank of Montreal report says by 2024 older adults will become the largest spending group.
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Articles referenced above:
“The Purchasing Power of Older Adults” by the Centre for Elder Research (Ontario)
“The Biggest Market You are Not Focused On” by Beth Hershfeld (CEOWORLD)