Category: Lifestyle

California Seniors are Driving Cannabis Growth

shutterstock_1054640075 From hippies to hip pain

32 states have passed cannabis usage into law for medical purposes. California was the first over 23 years ago.  10 states have done the same for recreational use. You may be surprised to learn that Seniors are leading the charge  embracing the benefits of medicinal cannabis as well as indulging in the pleasures stemming from recreational use.

Our conventional image of ‘pot’ users dates back to the 60’s when today’s Seniors were experimenting with all kinds of drugs. Despite the legal consequences and risk of incarceration back then, those free-spirited offenders, now in their sixties and beyond, thought the risk was worth it. These people are now your parents or grandparents!

The stigma once tied to marijuana or cannabis usage has given way to Starbucks-like retail dispensaries – well-lit and well stocked with products designed to enhance your mood, sex life, daily exercise regimen, and address a variety of aches and pains.

According to a national survey of nearly 50,000 responders, the Drug Use and Health study of patients 50-64 found using marijuana daily or weekly rose 58% between 2002 and 2014. Patients 60+ have shown an increase in use of 250%. These growth rates by the original adopters are fastest among all user groups. Talk about influencers!

Such response to legal use has not gone unnoticed by the financial and investment community despite marijuana continuing to be classified as a schedule 1 drug along with heroin. All of Canada will sell legal cannabis for medical and recreational use this October. And year over year growth is stoking the fires of American firms anxious to invest here.

While the debate around addiction to opioids goes on, Seniors and  the medical community have embraced usage of hemp-based CBD products as well as recreational use of cannabis products.CBD products, whether edible or in liquid, lotion or tablet form, provide needed relief from disorders associated with aging that up to now have led to a pill popping addiction.

AARP has created a list of ‘alternatives to pills’ for Seniors over 65 wary of the side effects from a heavy dependence from their medicine cabinet. This includes dependence for medical issues such as:

  1. Heart failure
  2. Increase in blood pressure
  3. Stomach bleeding and ulcers
  4. Confusion
  5. Toxic kidneys
  6. Seizures
  7. Hallucinations
  8. Stroke
  9. Tremors

Replacing as many as 5 or 6 pills with a CBD derivative product is driving acceptance among Seniors and they’re sharing the results with family and physicians.

All this adoption by Seniors is speeding the process of legalization in the remaining states to help fuel the projected to growth to $50 billion by 2025 (Grand View Research). When you realize that 100 years have passed since prohibition ended and today the US liquor industry will generate $81 billion sales in 2019, it won’t take many growing cycles for the cannabis industry to reach or exceed that number. Especially considering that the brewers of Corona and Heineken are among those developing ‘infused beverages’ using a low percentage of THC.

Marketers sitting on the fence about targeting aging consumers will soon realize that those who are 55 and older are not that different today than they were 10 to 20 years earlier. The exception being they have extra years of wisdom, significantly more wealth, and the freedom to live the next couple of decades doing exactly what they want.

Smart marketers should follow the money trail Seniors are blazing in the cannabis industry and many other product categories missed by holding to tightly to the 18-49 crowd. Their marketing insights  may point to the vast sums you’re leaving on the table.

It Takes a Skilled “Geek” to help California Seniors Age in Place

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Best Buy jumps headfirst into The Longevity Economy by adding the aging population to its strategic tech targets.

Advertisers and brands are starting to wake up as the impact of aging on the world’s wealthiest countries point to significant new revenue targets. Joseph Coughlin, founder of the MIT Age Lab and author of The Longevity Economyputs it this way:

“The emerging population isn’t just big, it’s so enormous it’s as though a new continent were rising out of the sea, filled with more than a billion air-breathing consumers just begging for products that fulfill their demands.”

Best Buy has put their money where their phone chargers are and in doing so, made it clear they intend to play a big role targeting this huge opportunity.  By offering new monitoring services and in-home tech,together with strategic hospital partnerships and acquisitions like Great Call last August, Best Buy is doubling down on Boomers, their aging parents and caregivers. This isn’t about a media buy, it’s the leading tech retailer pivoting to execute a defined senior marketing strategy.

We are trying to position the company for the future” says Best Buy CEO, Hubert Joly,There is going to be greater and greater differentiation between winners and losers. And so, this is clearly the time to invest.” 

90% of those 65 and older have said they don’t want to move from their home into an assisted living community. This refrain has inspired Best Buy to create Assured Living and Best Buy Home.

Assured Living is aimed at Boomers who want to honor their parents request to remain independent as they age in place. The ability to ‘monitor and check-in’ via any internet connected devise is the gift of peace of mind to both generations.

Best Buy launched Assured Living is validated by their expertise and core competency in the consumer retail technology sector. Services focus on monitoring, real-time alerts, insight into daily activity levels, sleep patterns, and diet, all presented via a personalized dash board. All starting at $29.99 a month. Tech support from the Geek Squad has been enhanced as part of the new Best Buy Home offering house calls to install and train.

Next came a partnership bringing medical expertise from the Mayo Clinic. Together they offer aging consumers wellness assessment tools covering everything from various symptoms and basic diagnosis to proper meal planning and physical activity regiments. Driving sales for Best Buy is a consistent introduction of new products.

Apple’s newest Watch 4 is an activity monitor, tracker,and First Alert device on your wrist. Like Best Buy, Apple recognized the magnitude of this aging population wave and made dramatic design changes with their latest model which propelled first full year of sales upward to 32% YOY.

Amazon recently revealed several elements of their senior facing healthcare strategy built around their smart speaker leadership. And Alexa is finding its way into hospital surgery wards as doctors collect critical knowledge about post-op patient recovery and follow up.

While healthcare marketers and their agencies have had patients and industry providers as targets mostly to themselves for years, virtually every retailer who serves a consumer 55+ or their Boomer offspring, can establish a viable senior-centric marketing strategy. The facts are clear, the longer one ages independently, the longer they continue to shop, consume and visit the retailers who ‘welcome’ their business.

Ask yourself these assessment areas as you consider your own senior marketing strategic journey:

  1. What portion of your core product mix is purchased by 55+?
  2. Does your marketing aimed at Seniors speak directly to them as a distinct customer segment?
  3. What products aimed at aging in place consumers could your business leverage?

It all begins by thinking past the trap of limiting your marketing to 18 to 49 year olds!

Grandparents: The Marketing Potential of Targeting these California Seniors

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Grandparents are the Gifts that Keep Giving

A demographic target audience which is solely based on age, gender, and income only tells part of the story. Smart marketers realize that behavior and the life stage of consumers can often times determine buying habits that are more revealing and actionable.

And today’s media—especially online media, can pinpoint potential life-stage consumers precisely. Such is the case for the big and fast growing consumer group consisting of grandparents—a sub-segment of seniors that is spending billions of dollars a year and is ready to spend even more in a variety of product categories. To say that there is untapped potential with grandparents as a consumer segment is quite an understatement. The numbers, extrapolated from an AARP study, are staggering:

  • It’s estimated that there are approximately 90,000,000 grandparents in the U.S. That’s about 12 million in California alone.
  • About 75,000 Americans between the ages of 45-69 become grandparents each month
  • 89% of grandparents say they enjoy buying gifts for their grandkids
    • 25% say they spend up to $250 per year
    • 24% say they spend between $250 and $750
    • 25% spend over $1,000 annually
  • As for what they spend on their grandkids, the categories vary:
    • 95% say they buy birthday and holiday gifts including toys, books and clothes
    • 53% help with educational expenses
    • 37% contribute to everyday living expenses
    • 23% help with the cost of medical/dental expenses
    • 41% spend for the child’s overall well-being
    • 43% spend on activities that are fun to do with them

Jerry Shereshewsky, CEO of Grandparents.com, put it this way:

“The grandparent life stage accounts for a multi-billion marketplace ranging from products to services to educational investments. With grandparents today being more active and aware than ever before, the avenues for spending are varied and deep.”

On a personal note, I’m about to become a grandparent for the first time in a couple of months. And our future grandson is being spoiled before he’s a day old. We’ve already purchased a car seat, a stroller, a baby seat for the back of a bicycle, and a number of books, toys and clothes. And all this coming before the baby shower! I must say we’ve never spent money with such pleasure. I was even tempted to buy a little baseball glove, a tiny surfboard, and a miniature set of golf clubs until I was reminded that I was a few years early on those. My grandparent friends smile at me because they get it. No shopping is as fun or as rewarding as spending money on grandchildren.

My wife and I don’t understand why we’re not being advertised to by marketers who are spending their budgets on parents, while largely overlooking grandparents. Creating a specific grandparent strategic plan consisting of creative and media with them in mind seems like the easiest and smartest way to grab the lowest hanging fruit. Grandparents are receptive and anxious to spend. And that could mean big profits for CMO’s everywhere.

Photo by Monkey Business Images

 

A Fun Way to Market to California Seniors

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The marketing opportunity to educate California seniors about the benefits of having fun and how your product fits into that fun lifestyle.

In a fascinating article in the Wall Street Journal written by Clare Ansberry, she quotes Ken Dychtwald, CEO of Age Way,

“Seniors have more time to have fun—7 1/2 hours of leisure a day compared with 35-to-44 year olds, who have only around 4 hours.”

He goes on to presume that “older adults are at a loss for how to fill that time” which he says may explain why the average retiree watches 48 hours of TV each week. (Nielsen)

Ms. Ansberry goes on to write

“But many adults forget how to have fun. They’ve spent the past 40 years showing up for work every day, paying off mortgages, getting kids through school and taking care of aging parents. Having fun and being spontaneous – key elements of fun and play—get lost. Fun is important at every age, but can be even more beneficial as we grow older. The very things associated with it—laughter, levity, enjoyment and diversion can act as antidotes to stress, depression, and anxiety.”

In California, year-round outdoor activities can add to a fun, healthy and happy senior lifestyle. In an article entitled 7 Reasons Why People Age Better in California, Ann Brenoff writes that

“Californians, in general, are happier. Among other things she says, “exposure to sunlight combats depression and lifts spirits.”

And there are so many opportunities here to hike, bike, ski, play tennis and golf, enjoy the beach and enjoy the latest craze, pickleball. Maybe the California active lifestyle is a big reason why the life expectancy of 80.8 is the 4th highest of any state. And more importantly, California’s “healthy life expectancy”, which factors in illness and injury, is 67.7 which ranks 3rd in the U.S.

Of course, outdoor activities aren’t the only way to have fun. People have a wide variety of choices of how to have fun and play. As a California senior, while I enjoy outdoor activities like playing golf and going to the beach, I also love to go to movies and restaurants with my wife and friends, hang out with my kids, relax with a glass of wine or two, and get ready for this, I have fun at work. Without a passion for something, without a fun and active life, you’ve got a sedentary lifestyle. And a sedentary lifestyle is associated with decreased mental alertness, higher levels of stress, poor sleep quality, low self-worth, higher rates of disability, and diminished quality of life (Worldatlas) Now does that sound fun?

In his book, The Longevity Economy: Unlocking the World’s Fastest-Growing, Most Misunderstood Market, Dr. Joseph Coughlin talks about new ways to redefine seniors as a marketing opportunity.

“We’re living longer than ever and these bonus years are opening up vast new possibilities for products, services, and experiences.” He adds “Building the future of fun in a society where 100 years old is the new normal is perhaps the longevity economy’s largest growth opportunity.”

Photo by Benjamin Morris

California Seniors are Driving Well into their 80’s and Car Dealers are Noticing!

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What CMOs can learn from more years of consumption on the road ahead.

Few things are more devastating when you age than giving up your driving privileges. For the family, it means more shuttle duties. But to the senior, it can shorten their life. From your 16th birthday, or whatever the age you attained your driver’s license, your California driver’s license was literally your declaration of independence.

CMOs will be happy to discover that older drivers are not hitting the brakes anytime soon. And with the economic power and sheer population size of California, seniors can expect to drive well past their 80’s.

In the US., drivers 70+ represent 11% of the total population. That’s huge because mobility means money. And seniors hold 50% of the country’s wealth. The ability to continue driving means continuing to lead virtually the same life, consuming as they did in their 40’s and 50’s. California exceeds every data point that involves the automobile. This includes drive-thru restaurants, banks, grocery stores, gas stations, malls, etc. And the car or truck relies on money to stay on the road – from tires to insurance.

With the coming age wave, the opportunity with senior driver independence is only growing.

It’s not surprising the auto dealer business in California outperforms all states.

  • According to NADA data – California’s 1333 dealers have annual revenue of $120 billion
  • California drivers hold 12% of all registered cars in the country.

These data points speak directly to the auto ecosystem and the impact California seniors are having on the economy. And it’s going to get even better as the growth in senior drivers continues.

California, like most states, encourages longevity in one’s driving privileges. Licenses are renewed every five years, and until age 70 drivers may automatically be granted two five-year renewals by mail or online. Starting at 70, drivers must renew in person, taking a written test and eye exam.

And the data supports the accident rate among seniors/boomers to be dropping. And California Senior drivers are safer than all others on the road. Here are the key reasons:

  • They obey the speed limits and are less distracted
  • They tend not to drink or text while driving
  • Seniors drive fewer miles – 45% fewer annually than a 40-year-old
  • Seniors drive primarily during daylight hours

Auto insurance costs for seniors reflect their safer statistics on the road.

The average insurance quote for a 21-year-old is $2,124, while the average for someone aged 60 to 64 is $1,159. And the rate only goes up to $1,381 for someone 80 to 84.

Since 1997, Baby Boomers have swelled the 70+ population, but car accident fatalities per capita among older people has decreased 47%. And since 1975 it is now at its lowest level.

The Silver Rush in California is being driven in part by aging drivers. Having the freedom to go and shop wherever they choose should accelerate marketer’s decisions to join this “Silver Rush” now. It should be quite a ride.

Photo By Clark 1948 Cadillac via photopin (license)

Exercise and Surfing. Important Factors in Marketing to California Seniors

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How marketers can benefit from the healthy and active California senior lifestyle.

Californians have the led the country in a variety of trends over the years. And none have been more important than the trend of seniors living longer and healthier lives. As stated by Elder Options On-line Directory (EO),

“As you grow older, an active lifestyle is more important than ever. Regular exercise can help boost energy, maintain your independence, and manage symptoms of aging. And not only is exercise good for your body—it’s also good for your mind, mood, and memory.”

Similarly, in an article titled 7 benefits of exercise for the Elderly, BT reports that weight-bearing exercise and regular cardiovascular exercise such as brisk walking can help people live longer lives, prevent falls, reduce the risk of stroke or heart attack, increase bone density, reduce the risk of developing dementia or Alzheimer’s, prevent or delay diseases, and improve confidence.

The California lifestyle is more conducive to exercise because of its weather, geography and youthful attitude. Seniors are walking, hiking, bicycling, skiing, playing tennis, golf, and pickleball to name a few active pastimes. They’re also surfing! In fact, it’s estimated that of California’s 7,000,000 seniors, over 200,000 surf regularly. And according to the San Diego Surfing School, there are some real benefits of surfing for seniors such as:

  1. Seniors who surf will burn up to 400 calories per hour
  2. Since surfing uses all limbs, seniors will have a thorough workout
  3. Surfing is a form of exercise that benefits their minds and bodies
  4. Surfing is a great sport to encourage socializing with fellow surfing enthusiasts
  5. Connecting with nature, particularly the beach, gives seniors a whole new level of experience that makes them feel younger and more vital

Surfing for Life, a 68-minute documentary, shows profiles of some of surfing’s most famous legends riding the waves into their 70’s, 80’s and 90’s. The film highlights Californian John “Doc” Ball who at 93 is the oldest known American surfer. And as “Doc” puts it, “The sea is great medicine. It keeps you young.”

California recently declared surfing as the state’s “Official Sport.” Says State Assemblyman Al Muratsuchi, who sponsored the declaration,

“I think surfing really stands apart not only for being an iconic part of California’s culture, but also for the environmental message of respecting and protecting our ocean and our environment.”

Plus, Muratsuchi estimates that surfing generates more than $6B to the state’s economy each year.

California marketers who picture seniors living sedentary lifestyles need to re-think this active and vital demographic. And there’s an untapped financial reason to do so. After all, seniors control nearly 50% of spending in the state, yet receive only 10% of marketing dollars! (AARP) There’s an opportunity to not only market products that are related to their many and varied active pursuits, but there is an equally important opportunity to market the attitude of a healthy, active and positive older consumer. Just envision a smiling and fit senior coming out the surf holding their board. If that’s not a reminder of the opportunity of this population segment, I don’t know what is.

Photo by Rawpixel

 

5 Reasons to Start Your California Seniors Marketing Strategy

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CMOs should start mining the “Silver Rush” now.

The opportunity to capture share and revenue from California seniors is shocking. Shocking for its size and population of over 7,000,000 and shocking for the spending power they control which is ¾’s of the wealth in the U.S. But wait there’s more! Beyond the obvious categories of healthcare, retirement services and travel, seniors receive approximately 10% of the projected 2018 U.S. ad budget – $232 billion. And that’s way lower than it should be!

Life expectancy for those in their mid-60’s has increased to nearly 20 years.  CMOs must look beyond their 18-49 comfort zone and develop a strategy to embrace the largest audience in the country. In other words, follow the money.

Here are 5 key reasons seniors rule:

  1. Birthrates have fallen. It is projected that the global population will plateau in the next 25 to 50 years at 10 billion.
  2. People are living longer – 20 years + longer than someone born in 1900.
  3. Seniors are healthier than ever – especially in countries with available healthcare and the money or government policies to pay for it.
  4. People are wealthier –the 50+ own  50% of the wealth in the U.S.
  5. Staying in the workforce longer – leads to a higher 65+ year-old participation.

Contrary to what many believe, seniors are not a homogenous group. They include the rich, poor, active and disabled. Most desire to stay in their home. Others chose to move into  senior communities. And depending on their health status, they remain active consumers. Whatever your brand category, ask yourself this. Would a line extension or product innovation that serves a genuine solution to an aging consumer impact growth? Have you looked closer at your strategic planning to expand your target to seniors with dedicated, relevant and respectful communication?

California, the 6th largest economic power in the world, is a smart place to start. And ESRI has just the tool to begin the journey. ESRI has spent the past 30 years linking location to market potential. Lifestyle segmentation through their tapestry segmentation identifies the shopping needs and characteristics of 5 distinct senior groups.

ESRI’s tapestry identifies key measures at the cash register, impacted by life stages seniors go through as they consider housing, shopping, leisure activities and healthcare options. Understanding what seniors are spending their money on and where it fits in their priorities will help marketers identify concepts and specific markets for testing. Here are some target segments to consider:

  • Prosperous empty nesters – they have the money and the time
  • Retirement communities – they live in a new home among fellow aging residents
  • The Elders – these are at the older end – 70 to late 80 segment
  • Senior Sun Seekers – they are driven by better weather and warm climates
  • Social Security Set – fixed income seniors who still spend, although with fewer dollars

California seniors are represented across each of these 5 segments. Targeting each, according to the target’s economic and lifestyle attributes, will identify where to start the senior strategy based on your product and those within the category.

Mining for your share of the California “Silver Rush” requires some additional work. But the rewards that come from increased customer loyalty will extend the “customer for life” model you practiced years ago. And it promises to pay off.

And here’s more good news. Unlike the millennial, California seniors don’t shy away from advertising. They embrace information that solves a problem and is clearly and specifically created for them. In return, CMOs get an experienced consumer with money to spend and time to become a brand loyalist all over again.

Photo by Darren Baker

Targeting California Seniors? CMOs Should Pick Women Over Men.

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Women are California seniors’ economic power. Period!

Joseph F. Coughlin’s powerful book on aging and its implications on marketing, The Longevity Economy, said it best,

“The future is female.”

For California brands and services, the future is in California senior females. Overall, California’s female population is slightly more than half the state’s total 38 million–over 16 million women. Soon the largest segment will be women who are 50 and older.

We understand that for many CMOs, business is status quo – targeting the tried and true 18-49 year olds. But the huge age wave of seniors representing rich opportunities is knocking down the door and about to change the way products have been marketed. CMOs need to wake up and get started before their competitors beat them to it.

50+ Women are good for business:

  • Longevity is on the side of the female
  • Life expectancy means they’ll be potential customers 7 years longer than men
  • Women, even today, manage most of the household financial duties and the majority of upkeep around the house, shopping, etc.
  • They are on an empowerment upswing, gaining more access to senior leadership positions and larger salaries
  • Women tend to be the caregiver to other family members – this requires shopping across segments and industries.

Boston Consulting states that just 15% of companies have any sort of marketing or business strategy focused on older adults. Not shocking until you see it expressed in terms of who’s being targeted. Advertisers spend 500% more on millennials than on all other age groups combined. With California leading in virtually every demographic or economics statistic, women as consumers are the dominate force in California and this includes those 50+ and over.

All of this makes females the easiest place to start a focus on a senior  strategy in California. Women are better consumers given their dual duties in the workplace and at home. They are better shoppers out of necessity, having carried shopping duties due to the fact they are better, smarter, and more experienced shoppers. And their longevity makes the marketing investment worth every penny.

Tom Peters pointed out 36 years ago in, In Search of Excellence/’82, “women are the prime decision-makers in 94% of major spending decisions”  Women buy. Women rule. But it doesn’t stop there. They also influence or make:

  • Vacation decisions
  • House purchase decisions
  • D.I.Y home project decisions
  • Home electronics decisions
  • Home computer decisions
  • Car purchase decisions, (they are influential in 90%)
  • Bank account decisions
  • Household investment decisions
  • Small business loans and business starts decisions
  • Health care decisions

Retirement prospects for men focus around leisure and relaxation. Women are planning to grow old. This means they focus on solving the needs and challenges that come with living longer. Today’s marketers should make a concerted effort to address the different attitude of women and men as they approach retirement.

The time is now to build a California senior strategy. Women hold most of the cards and cash, which makes targeting them the best first step.

Photo by Monkey Business Images

History Repeats Itself. California’s “Silver Rush” for Seniors is on. 

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In 1848, they were called California prospectors – today, they’re called CMOs

The history of California is all about the Gold Rush. 1848 Sutter’s Mill. Eureka! You know the story. When James Marshall discovered gold in January, ’48 the rush was on. Today it should be called the “Silver Rush” and the mining should be done by CMOs.

California experienced its first immigration wave from prospectors and business opportunists from around the world. Three quarters of the men in San Francisco left the city to pan for their fortune. Ironically, those who benefited the most financially were not the miners but rather than merchants who really struck it rich, selling what was needed to prospect for gold.

The “Silver Rush” is set to dwarf the riches unearthed in the 1850’s as our aging population is set to live longer and healthier and spend more than ever as they do. Consider this:

  • In 1900, life expectancy in the U.S. was 47 years.
  • Today, it’s 80. Researchers predict ½ of babies born today will live to 100.
  • Healthier aging today will add 20 years to a senior’s life.
  • Better medicine, healthier habits, and active, working seniors are set to spend trillions as they age.

California Seniors will be the largest demographic group in the near future. The impact on the world’s 5th largest economy is waiting for CMOs to prospect directly to Californians whose longevity stats, coupled with spending power, mean rich targets of opportunity for CMOs prepared to commit dedicated messaging to them.

The retirement age is nothing more than a number as seniors are continuing to work or start second careers. Marketers have the best tools on earth to better target these seniors and yet, to date, most traditional brands are underspending against them, using the same creative as they use for younger consumers, or ignoring them altogether.

Just as prospectors 150 years ago needed tools to unearth a vein of gold or minerals containing silver, the future is waiting for CMOs who venture out West to mine the richest deposits of age, wisdom, and wealth in history. History can repeat itself in very positive ways for those who learn from it.

Photo by the National Library of Ireland on The Commons The Quays in Sligo via photopin (license)

About Brad Ball

Co-Author of The Silver Rush: Marketing to the California Senior; Partner Silver Advertising- former- CMO SkyZone; VP Entetainment NASCAR, President Theatrical Marketing Warner Bros;CMO McDonald’s, Partner DBC Advertising.

photo credit: State Library of Queensland, Australia Miners working in a gold mine at Gympie, Queensland Miners Gympie Qld via photopin (license)

A CMO’s Key to Billions in Revenue from California’s Senior Consumers

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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.

Consider this:

  • 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