SYDNEY: Brands which overlook Australia's 50+ demographic do so at their peril, new data suggests.
A MevCorp Research survey of more than 8,000 Australians over 50 years of age revealed that 88% of respondents feel brands and services are not interested in them.
The numbers should serve as a wake-up call to many brands in Australia. According to B&T Magazine, the 50+ demographic – an estimated one third of the Australian population – holds 40% of the country's net worth.
Generally more financially established and with more disposable income than millennials, Australia's over-50s spend around $4bn on products and services every week – or about $200bn a year.
The research also indicated that today's 50+ consumers are more open-minded to new experiences and are willing to switch brands and try new products, particularly in the technology space.
And, far from being committed to traditional media, they spend an average of five hours every day on the internet, social media and their mobile phones. Brands must therefore rethink the old ways of targeting this group – they are just as connected as younger demographics and just as likely to engage with brands online.
The study further noted behavioural differences between men and women at the same age that impact their spending choices.
So, for example, men aged over 50 value their relationships more than anything else but for women of this age their top priority is their independence. Women are also more likely to struggle with aging, and want to maintain an energetic life. As they find themselves with more disposable income and their children moving out of home, they are increasingly keen to take time for themselves – travelling, focusing on their health and trying new experiences.
Dollars spent on international travel per generation is highest for Australian Boomers, as they relive their youthful 'Overseas Experience' on a better budget, for a longer time and while they still have their health.
For more on the travel purchase habits of Australians over 50, read Warc's report: Travel is booming for Asustrailan boomers.
Data sourced from B&T Magazine; additional content by Warc staff