It starts where older consumers want to live – in their own home.
Aging in place is really just ‘living in the same place as an older consumer’.
As a former CMO, I wasn’t familiar with the concept of ‘aging in place’ until my parent’s health declined. Over a 7 year period, they went from fully functioning people living in the same home for the past 25 years, to in-home nursing care and then, to full-time nursing care. We promised to keep them in their home as long as possible until medical attention and 24 hr. care necessitated the move.
Looking back, it’s easy to see that aging and consuming have huge marketing potential when viewed together.
The aging of our population is having a profound impact on the economy. For CMOs that embrace the opportunity that comes with a dedicated ‘senior strategy’ vs. ‘we cover them off with our existing budget’, the true winners are a more respected and loyal senior consumer base. Not to mention the enhanced CMO job security that comes with increased market share.
- Globally, by 2047 more 60+ year olds will overtake those younger in 15, G7 countries.
- If you reach 60 in ‘full health’, U.S. seniors can live an average of 19 years longer
The financial wealth attributed to those who continue to work and those who stay active is staggering. In the U.S., seniors control over 50% of our country’s discretionary income.
Aging in place is all about the life seniors led up to this point. They stay in their own home for all the obvious reasons – closer to friends/neighbors, favorite restaurants and shopping and maybe most of all, they avoid the trauma of starting over.
It’s also about remaining independent–to drive, shop, travel, and socialize as if they were 25 years younger. Mobility and one’s home are life extenders.
With 2.3 trillion dollars in their possession on a national level, seniors retired or not, never fully retire from consuming goods and services. In fact, seniors outspend in almost every category compared to what younger consumers spend.
Aging in place means keeping the aging family member in their home longer. Home builders are listening. Remodeling businesses and DIY home centers are the big winners, especially for those who are passionate about doing it themselves and have the time and money. And it signals they’re planning to continue their life’s routine – work, travel, and fun. In other words, they continue to spend as they stay independent.
A higher percentage of 65+ continue to work. And spend, controlling over 50% of discretionary income in the U.S. As they work well past the retirement age, advances in medicine, and more active, healthier living, mean marketers can look to another two decades of targeted, personalized and appreciative shopping.
Aging in place offers CMOs real opportunities to continue marketing across multiple categories to consumers who don’t view another birthday as a sign to call to the movers!
Photo by Fotoluminate LLC
- Brian Morris and I have been good friends and industry competitors for years. We both have run major advertising agencies and both have held top level client-side positions. I am a former partner at ad agency Davis, Ball and Colombatto, and the former Chief Marketing Officer at McDonalds and President, Theatrical Marketing for Warner Brothers. Brian and I are now in our 60’s and came together in 2017 to form a company that understands the Senior market better than traditional ad agencies, Silver Advertising. We are now poised to be passionate advocates for these consumers as they enter their 60’s, 70’s, 80’s and beyond.
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