GroupM: ‘Advertisers overlook the ‘tech savvy & affluent over-50s’
Advertisers are overlooking the valuable 50-to-80 years-old demographic due to a number of pre-conceived misconceptions of this ‘financially astute group of digital converts’, according to a report released today (17 August) by GroupM.
GroupM's study attempts to dispel myths about the 50-80 year-old demmogrphic
This group currently makes up a third of the total population (21.8 million of the UK population is aged between 50 and 80 years-old), often seem to be ignored by advertisers and are also under-represented in the media, according to the study.
Other insights contained in the study include: over half of the 50-to-80 year olds own a smartphone; almost two-thirds (62 per cent) check the internet when they need information; nearly 40 per cent have downloaded a mobile phone app, with 30 per cent having used an instant messenger app.
Key results included:
- Average value of savings and investments for 50-80 year olds equals: £37,496 (index 147 vs. population £25,461); Savings & Investments per Adult in Household (excluding the value of your home and pensions): 50-80 year olds £21,161 (index 155); Population £13, 692
- On average, 50-plus spent £1,507 on holidays in the last 12 months, compared to £1,375 for the general population
- 88 per cent agree that it is ‘important to keep learning new things throughout your life’
- 64 per cent agree that what they want most in life is to have fun and enjoy life’s pleasures
- Unlike the general population, they are 36 per cent more likely to buy a new car just for pleasure (22 per cent general population vs. 30 per cent 50+)
The WPP media buying arm based its behavioural analysis on findings from Kantar Media’s UK TGI Study taken in the first quarter of 2016), which found that the 50-plus age group in the UK is some of the most time-rich, affluent demographics in the country, and an overlooked crucial audience for brands.
Julie Hamshere, GroupM UK’s director of insight, added: “We were keen to bust the myths of this overlooked generation. We discovered that the fifty plus consumer is multi-layered, and in particular, more financially and technologically savvy than ever. Our analysis found that with appropriate targeting to the sub-groups identified, this affluent segment can have a meaningful impact on driving marketing objectives.”