Tuesday, July 16, 2024

Report Finds Caregivers Key To Reaching Older Consumers

“I don’t care what you call me, just call me.” This was one response to a recent survey conducted by marketing consultancy, Age of Majority, that asked adults ages 55 and older what they would like to be called as a group. The quote encapsulates both the prevailing sentiment and marketing opportunity that exists among older adults.

“Three-quarters of older adults do not feel engaged by brands that are trying to reach them.” 

“Three-quarters of older adults do not feel engaged by brands that are trying to reach them,” says Age of Majority CEO (Chief Evagelist Officer), Jeff Weiss. “There is a huge opportunity for brands and marketers willing to make the effort to understand and connect with this audience.” 

Numbers suggest that it may be worth the effort to pay more attention to older adults, a theme YouAreUNLTD has addressed in the past:

  • According to an article in the Harvard Business Review, people over age 50 are responsible for more than half of consumer spending in the United States, yet only an estimated five to 10 percent of marketing budgets are devoted to winning them over
  • Adults 55+ control nearly 70 percent of all personal wealth in the United States, according to Federal Reserve data
  • Older adults buy 56 percent of new cars and trucks, 55 percent of personal care products and 68 percent of home maintenance and repairs (source AARP “Ageism Is Alive and Well in Advertising”)

The marketing world’s under-investment in and under-representation of the 55+ consumer inspired the launch of Age of Majority in 2017. Data generated by the company is adding to the increasing wealth of eye opening insights about the attitudes, preferences, and behaviour of adults 55+. For example:

  • Nine in 10 (91 percent) Active Agers are using smart phones and two thirds consider themselves early adopters or enthusiastic embracers of technology, which has major implications for what to sell to them and how to reach them (Age of Majority – Digital by Device report – 2021)
  • 40 percent of those between the ages of 65 and 80 are sexually active, nearly 72 percent of people in this age range have a romantic partner, and of those 54 percent are sexually active (University of Michigan/AARP survey), which spells opportunity for the sexual health industry (from condom manufacturers to menopause products)
  • 85 percent of adults 55+ are shopping online at least once/month with four in 10 (43 percent) using mobile devices to do so which means companies need to consider them in their e-commerce presence (How Active Agers Shop Online report – Age of Majority and The Good – June 2022)
  • Canadian and U.S. studies have shown how the vast majority of older adults want to remain in their own homes as they age with huge implications for a range of industries that can help them to do so

With so many older adults looking to remain in their homes, family (unpaid) caregivers are an increasingly important audience for companies, across categories, as they are key decision makers about the products and services chosen to help older adults stay independent. Based on numbers from Statistics Canada and The Vanier Institute of the Family and the National Alliance for Caregiving/AARP there are 47 million North American adults who identify as caregivers of an older adult. 

The “Connecting with Caregivers” report is now available for purchase.

According to Weiss, making sense of the caregiving market is crucial for many companies selling to older adults, yet is no easy task as they are such a diverse group. Age of Majority launched a major research project in June 2022 with 2,156 family (unpaid) caregivers (ages 40 and older) across North America to help companies and organizations better reach and engage this highly influential group. The findings are detailed in a new report called “Connecting with Caregivers”.

Broad implications of the report findings include:

  • The opportunity to build emotional connections with caregivers even in highly functional product categories
  • How few companies are really standing out with caregivers, setting the table for brands to step up to the challenge
  • Why caregivers, with an average age of 58, may themselves require care in the not-too-distant future, adding to the opportunity to connect with them now

The “Connecting with Caregivers” report is now available for purchase. It is a valuable tool for companies and organizations invested in building connections with caregivers and their loved ones.

Content Sponsored by Age of Majority.

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