Advertising firms ignore the most valuable demographic, research shows
THE so-called silver pound is more valuable than ever, but too many advertisers still ignore the over-50s when promoting their products.
The over-50s buy 61 per cent of new cars
Motor, beauty and even financial services companies continue to snub this increasingly wealthy age group in favour of the young.
Almost six out of 10 people aged 50 and over believe they are being ignored by big brands, according to research from SunLife.
They feel overlooked in favour of younger consumers despite being the most powerful consumer spending group, contributing almost £120billion to the UK economy last year.
Almost six out of 10 people aged 50 and over believe they are being ignored by big brands
Many over-50s are more willing to spend now than when they were younger
More than a third claim the fashion industry was the biggest culprit, a quarter said technology firms and one in six picked out health and beauty.
SunLife chief executive Dean Lamble said the over-50s make up a third of the UK population and their spending is growing three times faster than other age groups yet brands are still obsessed with targeting the young.
“The beauty industry is a prime example, one in six over 50s feels ignored despite the fact that more than two thirds of all cosmetics are bought by women over 50.”
More than a third claim the fashion industry was the biggest culprit
Car adverts feature people in their 20s and 30s yet over-50s buy 61 per cent of all new cars.
The financial services sector also ignores older consumers, even though they spend £150 a month on pensions, savings and investments on average, compared to £100 for under 50s.
Lamble said companies are missing a trick: “Many over-50s are more willing to spend now than when they were younger.”