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The 50-Plus Market
A book by Dick Stroud.
Review by Gemma O'Sullivan. There is a wealth of statistics indicating significant growth in the number and prosperity of consumers aged 50-plus. yet this group remains largely ignored by marketers. Dick Stroud's "The 50-Plus Market" is a wake up call to marketers to respond to the demographic and economic changes that will shape business success in many industries.
Stroud draws on a substantial base of research to illustrate the intersection of several trends, and the significant implications for marketers that ensue from these. Stroud asserts that while the 50-plus in the US, UK, Canada, Europe, Japan and Australia control the majority of their countries' wealth, marketing spend in these countries is primarily focused on the consumer segment aged 15-34, which is shrinking in size, becoming increasingly poor, and is over-exposed to competing marketing messages. The 2001 Consumer Expenditure Survey conducted in the US revealed that older consumers are the "primary purchasers of transportation, healthcare, housing, food, pensions and personal insurance".
Having presented the reader with a strong case for the affluent older consumer, the book asks the question - Why are marketers ignoring these indisputable trends? A number of common pro-youth arguments are discussed, and their underlying assumptions challenged.
Acknowledging that the 50-plus consumer is foreign territory to many marketers, the book provides a "how to" guide for key elements of marketing strategy. Specifically, the book discusses the unique characteristics of older consumers, common segmentation models, geodemographics, interactive channels, communication and creative. Throughout this discussion, it is made clear that while the 50-plus have specific marketing needs, their profile is quite different to the 50-plus generation of two decades ago - which contrasts assumptions that presently underpin many youth-centric marketing strategies.
The consequences of an aging population will extend into many aspects of business and society, such as t he large number of skilled workers that will be exiting the workforce in coming years. Stroud discusses a number of these wider issues in the final chapter.
The value of this book is that it provides readers with clear direction in how to address the issues presented. A well written, enjoyable book that has relevance far beyond the boundaries of the marketing department.
Buy this book
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