On The Up – The Mature Market
05-09-2005
The Facts at a Glance…
– By 2025, more than a third of the
– The statistics show we are living longer, healthier and more active lives.
– Ageism is the latest issue to be tackled by government by 2006 age discrimination in the workplace will be outlawed.
– With pension funds already feeling the strain the traditional retirement age is set to become a thing of the past.
– The over-50s are the fastest growing sector of the population and control 80% of the country’s wealth.
– According to marketing agency Millennium, people aged between 50 – 60 actually feel 10 – 15 years younger than their age.
{mosimage}The current reality, however, reflects a society that has little time or respect for those hitting 60 and above. The BBC programme discovered that this age group was often ignored or patronized by the likes of advertisers, the media, employers and younger generations.
Change, it seems, is finally on the way, over the next six to ten years advertisers and marketers will be placing more focus on this rapidly growing market. Targeting the nation’s baby boomers there will be a wave of more realistic marketing images to promote the likes of fashion, beauty and luxury goods. Forecasters predict a much greater use of mature models plus a reflection of various life stages such as second careers, retirement and widowhood.
Retail trends show a shift in spending with older people, particularly when it comes to clothing. Mature customers today are far more adventurous than past generations keeping their look up-to-date with regular purchases. Holidays abroad have also inspired a more relaxed approach to dressing with emphasis on quality fabrics and finish.
Geraldine Bennett, UK Sales Director at Oui, recently commented on trend styles for all: “Fashion is becoming ageless. Older women are picking up on current trends and putting their own stamp on the look.â€
Shopping by the over-50s…
– 50+ women spend more on clothing than her younger counterparts.
– Since 2001 clothing spends by 50+ women has risen by 10%, while for 50+ men it has increased by 15%.
– Traditional classic fashion retailers have lost out to the likes of Bhs, M&S, Principles, supermarket chains and direct home shopping companies.
– Luxurious fabrics and the quality of finish are more important with this market sector.
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It may take some time but it does seem that advertisers and retailers are waking up to a huge market that up until now has been pretty much ignored. Even agencies that represent ‘mature models’ have noticed a broadening of clients, no longer restricted to pharmaceuticals and insurance policies even fashion is beginning to touch on this untapped market.
Things are finally looking up and improving and as each generation ages they force change in attitudes, behaviour and legislation. Researchers predict that the change will come with the baby boomers – the revolutionaries of these modern times.
By JoJo Iles
