Marketing to an Older Demographic

The US Census Bureau predicts that by 2010 13.1 percent of the population will be 65 years old or older. North America’s is the second largest population of that composition, next to Europe. Demographers examining age-structure note that a population is considered old if more than 10% of its composition is made up by those who are 65 or older. By these standards it is obvious that the US population is aging, and quickly. 14.1 percent will be 65+ by 2020 and a whopping 17 percent by 2030! This means that by 2030 over 1 in every 6 people in the United States will be 65 or older. It is estimated that the 65+ population will start to decline after 2030, but not nearly as fast as it rose. This means the issue of an older population (who may or may not be reliant on the younger population) will be one we will all be facing for some time to come.

This "coming of age" presents some interesting challenges for marketers. Economists note a number of financial concerns related to this growing older population. Among them is the fact that if money continues to flow the way it is currently, with fewer and fewer young people emphasizing saving over consumption in their lives, a majority of the country's wealth will belong to the 65+ demographic in the next 10 to 20 years. With that being said it seems obvious that the importance of establishing emotional and sustainable relationships with baby boomers now may be the ticket to growth in the future. Also of extreme importance for companies and marketers will be staying keen to the needs of this population as it evolves and grows older. If your business model sells kitchen faucets to fresh out of grad school DINKs (dual income no kids), you may also want to add a line of easy in/out tubs if you want to see your business continue to grow 10 years down the road.