“We are talking about the unknown... we talk about this as if it’s walking through a door into the unknown. And on the door it says retirement and we don’t know what’s there, except we know we will not be going to work.”
Male, 53
“It‘s an awful thought. Sitting in a chair in a home and being dependent.”
Female, 75
The Issues: it’s not all plain sailing
Thus far we have given you the positive picture of the over 50s. In reality the market is a very complex one with income and spending power, health, and thus quality of life, distributed very unevenly.
A significant proportion of the over 50s, some 40%, rely on state benefits to support themselves. And within that, a significant number are lonely and depressed – isolated and not engaged with society.
This is a watershed period for people as they come to terms with the ageing process and how it might impact on their lives. People have to come to terms with retirement; lower incomes; physical, mental and emotional change; their loss of ‘youth’; children leaving home; a whole number of complex issues. Some people have a very positive attitude towards this process, others become depressed, and still others live in denial.
Whether you are a marketer wanting to develop new products, or a communications company searching for a strategic insight and the appropriate tone of voice, or a government department needing to target those in need most effectively, better understanding of this market is essential.
“When you catch sight of yourself in a mirror when you are not expecting it. That is a shock!”
Female, 55
(Source: Wise Branding)