Many companies want some of that grey pound but do they really know how to get it?
We’ve been working with Spring Chicken, the new ‘old’ kid on the block. They are an online company set up specifically to cater for the older end of the market. At the moment they supply ‘stuff’ that tackles the physical challenges of an ageing body but could their research start to open doors in to other services? Maybe ageing can be viewed less as a physical and mental endurance test and more as the “age of contentment”.
Firstly, hardly anybody thinks that they are old, yes the machine might be on the blink but for many the brain behind it is firing on all cylinders. Just 4% of those in their 70’s would consider themselves old and that only increases to 14% for the over 80s*.
Feeling our age would appear to be a different concept to how old we feel. The average person in their 70s has a mental age of around 50 and that hardly changes as we progress into our 80s and 90s*.
But surely as we get older we become angrier at the world, more embittered and spend our time fearful of the ‘last sleep’? Well, little could be further from the truth. As we progress from our 50s into our 80s the percentage of people who are ‘happy all the time’ triples, while those who feel ‘fulfilled all the time’ quadruples. Those that worry ‘often’ or ‘all the time’ falling from a 1/3 to a 1/5*.
So it’s a market that is set to double from 1.7m to 3.4m, that has a higher disposable income than any other group and become more content as the years pass*.
Might it be the case that not only is youth wasted on the young but also advertising?
*Spring Chicken Report 2015 (for a copy please contact email@example.com)