50connect Information

At the end of the first decade of the 21st century, the shifting sands of the UK’s population demographics have created a unique set of circumstances.For the first time in our history there are now more people over the age of 45 than under 45 and by 2020, there will be more people over 50 than under 50. Our society is ageing day by day and whilst the long term implications of this have yet to be fully understood, what we do know is that mature consumers hold the key to success for brands and organisations selling goods and services in virtually every sector. The 21 million UK consumers, who are over the age of 50, hold between them just under 80% of the country’s wealth which is approximately £9 trillion.While much of that is tied up in property or pension funds, they do have an annual disposable income after essentials such as food and housing of over £200 billion each and every year. The most economically active section of this consumer market are aged between 50 and 75 and their discretionary spend per head, on average, is three times higher than consumers in their 30s. While newspaper circulation figures are in free fall, figures from the Office of National Statistics show that internet usage by the over 50s is rising dramatically. In the last few years, while the proportion of 25-44 years olds using the internet rose by 10%, the proportion of 55-64 year olds rose 21% and the proportion of 65+ users rocketed by more than 73%. The internet offers discerning older consumers almost unlimited information about brands and products. It offers them the time to review and compare, and it offers them the ability to buy at a time that suits them. The 50+ group accounts for more than 40% of all consumer spending, and a significantly higher percentage of luxury goods. As their use of the internet increases, so too does their online purchasing. This is why consumer brands ignore the older market at their peril.