50+: The overlooked dream target group
They are a huge demographic with strong purchasing power, loyal, and open to brands—and yet they are largely overlooked in marketing: the 50+ generation. Outdated ways of thinking and false stereotypes prevent companies from recognizing their enormous potential. It’s time for a new narrative!
What would a target group have to be like that could easily be described as a dream target group in marketing? It would have purchasing power, of course. It would be large, it would even be growing. It would be open to brands and products, interested in new things, accessible via various media and loyal, it would be enthusiastic about things and have a positive attitude towards advertising. Oh, that would be nice! If this target group really existed, all brands and companies would probably pounce on them and do everything they could to win them over. Wouldn't they?
The answer is: no. Because this dream target group has been around for a long time. Almost half of people in the DACH region are at least 50 years old, one of the most lucrative customer groups for companies. According to the German Economic Institute, the median net household wealth of 55 to 64-year-olds is the highest of all, at almost a quarter of a million euros, and in Switzerland, too, every second franc is spent by people over 50, according to 50plus.ch, who then own around 75% of all assets. And yet marketing and advertising are by no means targeting this segment - on the contrary. People over 50 are simply ignored or reduced to outdated prejudices, end up as a homogeneous mass in the same segment as their own parents and are no longer even differentiated by gender. The figures also show this: Only around five to ten % of marketing budgets are aimed at people over 50.
Old thought patterns, new narratives
The reason is old thought patterns that urgently need new narratives. "We tend to address our current target groups with an understanding from an earlier time. Why? Because we were socialized in our childhood - and that's exactly where a bias lies," explains Nils Giese, CEO of the consultancy Edelman. "A 35-year-old advertiser today was shaped at around ten to 15 years old. Back then, 55 to 70-year-olds were actually more 'old school'. Our image of this age group comes from the past - and so we are always about a generation behind the current zeitgeist."
To find out what really makes people over 50 tick today, Ines Imdahl, founder and managing director of the Rheingold Salon market research institute, has launched a new initiative that aims to dispel common clichés and prejudices. The TV genre initiative. Screenforce, Gerolsteiner Brunnen and Procter & Gamble have joined the initiative, which focuses on the in-depth psychological study "50plus and the end? It shows which clichés exist about the target group - and how over-50s actually see themselves. Imdahl was able to uncover that the prevailing image of older people does not correspond at all to how they see themselves. All "the same", "in need of help", "undemanding", "simple" and "inflexible". The 50-plus generation is right in the middle of life and has access to the best of both worlds, namely the promises of the future and the treasures of the past. They don't want to "still live", they want to "live again", they are demanding and trend-conscious. Full of joie de vivre, they enjoy new things, are flexible, clever and generous. The list of things they like to try out and buy is long - from FMCGs for everyday use to home cinemas and e-bikes.
Far from a contemporary image
"We are a long way from a contemporary image of people aged 50 and over," says Ines Imdahl. "But a start has been made in the form of an initial survey, which we hope can now be expanded into a large, extended data pool." GIM (Gesellschaft für innovative Marktforschung) has also investigated the potential of the target group and surveyed around 1,600 people aged between 30 and 70 in the DACH region. And found that the older you get, the greater the gap to your perceived age. On average, 70-year-olds feel 57; people over 50 are more relaxed, more cheerful and less stressed than younger people. Their digital affinity, as well as their quality and health awareness, is underestimated by younger people: they are more relaxed and fitter than the younger reference target group thinks.
"Older people don't make less emotional decisions, they just react to different triggers."
What does this mean for companies - and how do they reach the target group? Many make the mistake of either patronizing older people or completely ignoring them. Instead, what is needed is an approach that is empathetic, authentic and differentiated - and that takes place at eye level, explains Nils Giese. "Brands that get it right avoid age stereotypes, show diverse lifestyles and create genuine emotional relevance." Instead of using age as the sole criterion, brands should segment according to life stages, interests, values or digital affinities, the expert advises.
Older brains also want to feel emotions
For brands, it is also worth taking a look at the neuropsychological perspective: according to this, the decision-making process in the brain of someone over 50 is no different to that of a younger person, explains Philipp Zutt, owner and managing director of the Swiss neuromarketing consultancy Zutt & Partner. In other words: "Older people don't make less emotional decisions - they just react to different triggers." While younger people are driven more by curiosity, trends or social status, 50-plus people are driven by security, simplicity and relevance to their own lives.
Many companies think that the target group no longer makes emotional decisions - a fatal mistake. Because it is not enough to simply list product benefits - for example, that detergent makes laundry clean. Here, too, real stories are needed, not instructions. "Even in old age, the brain wants to feel emotions," says Zutt. Brands should reduce complexity, but under no circumstances should they focus on possible deficits - even if there are any. "Nobody wants to be reduced to their age - that creates reactance," says the neuro expert. Another problem that Zutt sees when addressing the 50-plus generation is treating them as a "residual target group". According to the motto: They're already running with it. This is far too short-sighted because, according to the Rheingold Salon's research, if they don't feel addressed, they will leave the medium or format because their field of potential is not addressed and their perspective is not satisfied.
If you manage to take this into account in your communication, you will gain a target group that is a real growth driver, emotional, loyal and efficient. A real dream target group!
