New Age Seniors

Once upon a time, people over the age of 55 were considered “upper demos” by most marketing and media companies. No more.

For years now, I’ve been asking folks to accept that longer life expectancies mean more than just living longer. People are living healthier longer, and they’re staying active longer. And they’ve behaving in ways that have huge implications for today’s marketer.

For example: Retirement funds have to last longer. (It’s a simple math problem.) So today’s senior is more likely to work, at least part time. They want an income so that they can tap the savings account later—or less often—and maintain a lifestyle rich with activity. Important note: The new job for a 60+ person is not just about earning fun money. We’re finding that more and more people are retiring from the job they’ve always had to have (for economic reasons)… to take the job they’ve always wanted to have! (If someone has spent 30 years as an accountant, in an interior office with no windows and little human contact… their “2nd life” job might involve working at retail, or at the zoo, or anywhere they can get something the previous job didn’t offer.)

Need more proof about how dramatically different today’s senior is behaving? Visit this story from the New York Times. You’ll realize just how much muscle this market has!

Implications: Remind your HR department that some of their next “best recruits” might be “2nd Life Seniors.” If you’re in retail, consider offering “Experiential Value-Added,” rather than just a discount, for seniors. But above all… take another look at the market of New Age Seniors. They’re not your parents’ grandparents.

Mike Anderson