The longevity market may have gained more attention in recent years, but businesses have been selling to older people for decades. Still, we’ve got a long way to go when it comes to serving 50+ consumers.
According to a recent survey, nearly 65% of older consumers think businesses don’t care about them. When asked what makes them feel unwelcome, respondents shared a range of examples, many of which reflect the ageism that lurks in our culture. For example, over a third of survey respondents (38%) mentioned, “being ignored” or “feeling invisible.”
In addition to thinking businesses don’t care about them, a whopping 80% of survey respondents say businesses don’t market respectfully to them. This finding mirrors recent results from AARP research which found that 69% of 50+ consumers say media images are ageist. One respondent suggested that companies should “Have the courage to diversify advertising and marketing images that reflect real older adults 60-70-80 years old.”
The older consumers in this survey demand respectful and accommodating service from businesses because they understand that they have spending power. As one respondent says: “Be kind and respectful. We have money to spend!”
These top-line findings and others in the report reinforce the critical need for longevity market professionals to do all we can to improve how we serve our clients and customers–and to engage mainstream, businesses to follow our lead.
This online survey was conducted by Stria and MBM Consulting in November 2019. Participants include 54 people who reported to be over 50 and living in Maryland, Virginia and the District of Columbia. The complete survey results are available for free download for full-access Stria subscribers. (Not a subscriber yet? Get full access now.)