About a year from now, the portion of the U.S. population over the age of 65 will out-number people under the age of 15 for the first time ever. These aging Americans are not only the largest consumer group, but they hold approximately $3 trillion in spending power, excluding health care.
Why then are so many businesses overlooking this powerful group of people? In most cases, companies that develop products and services aren’t aware of this group’s needs or have simply overlooked the marketing power of seniors.
So what do marketers need to know about the senior demographic?
They have spending power
You’re probably thinking: what needs to change? Consumers in the longevity economy are just interested in walkers, medicine and incontinence products, right? Wrong.