The Silver Economy: A Market You Can’t Afford to Overlook
it's time for a wake-up call.
Okay,
So, I woke up with a mission today: to get more brands working with the over-50s, aka the Silver Economy.
Let's be honest, they're the generation with the money, the lived experience, and now we're seeing on TikTok, they've got the style, the humour, and the wisdom.
Brands need to tap into this, and if that short summary didn't convince you, here are all the reasons why you're missing out on a lot of cash and virality.
Imagine a 60-year-old 'fashionista', rocking her natural grey hair and glowing skin, modelling for Huda Beauty's new launch.
Now, that's the kind of representation we need.
But let's be clear, this isn't just about the glamorous, well-polished influencers. Although I do love Corrie Harris, Lisa_Corbo and Candace, who continue to prove that style is ageless.
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It's actually about embracing the diversity of the over-50s, including the friendly next-door neighbour who always invites everyone over for tea.
Her perspective matters just as much as the high-profile fashionista's, because she represents an audience that's often overlooked, yet increasingly engaged and influential.
Especially as brands are looking to tap more and more into nostalgia, what better strategy than working with the generation that actually remembers everything?
Please note: Some of today's kids won't even know what we mean when we say "gigiginaaa" (from the hit 90’s show Martin). No shade, but if we're going to do nostalgia, let's do it properly.
Action point for brands: Look beyond demographics. Consider values and behaviours when segmenting your audience, a methodology created by David Allison in his book "We're All The Same Age Now." By applying what you learn from the book, you'll find these segments have distinct buyer personas, from the high-tech grandma to the sophisticated, fashion-forward grandfather.
The silver economy is here:
Britain's over-50s control 69.7% of all household wealth, equivalent to £6.2 trillion.
That's a huge number that brands can't afford to ignore.
Yet, most still focus almost exclusively on the younger demographics, obsessing over Gen Z's every move, even though they barely have spending power at this stage.
(Now, I'm not saying we should forget GenZ, especially when they’re expected to contribute almost $9 trillion in spending globally by 2034.)
What I am saying is: it's time for a wake-up call.
The over-50s market isn't just a passive consumer group, they're tech-savvy, and more influential than ever before.
For too long, brands have assumed that older generations are struggling with technology.
Wrong.
From social media to shopping online, they're engaged and empowered.
A 2023 AARP survey revealed that 43% of adults aged 50 and older use social media daily. They’ve become tech-savvy out of necessity, as their kids, friends, and even employers expect them to keep up with technology in order to stay connected. As a result, they’ve made a conscious effort to embrace it!
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They may not be on every new platform that pops up, but they're certainly present on the ones that matter.
The stereotype:
Brands need to stop treating the over-50s as one monolithic group.
The data proves that the over-50s are more likely to experiment with new products if they offer genuine convenience, and their purchasing power is driven by quality and longevity.
Still not convinced?
Well, let's talk about Later Daters.
Netflix's Later Daters isn't just a hit series, it's a case study in changing the narrative around older audiences.
By challenging the conventional expectations of what an older audience wants from entertainment, Netflix tapped into an underserved need for relevant, relatable content.
Plus, it wasn't just a success for the older generation, ALL generations were tuned in and they realised two things:
- Dating at any stage of life is hard.
- These older women (and men) have some pretty good wisdom.
The Silver Economy is more than just a market segment, it's a goldmine that brands have been overlooking for far too long.
The brands that will succeed in this space are the ones that:
- Reject outdated stereotypes
- Embrace multi-channel strategies
- Understand that the over-50s are as nuanced and diverse as any other group
So, here's your homework:
Create value graphics that connect people across demographics
Identify shared values and behaviours in your target audience.
Map out how your brand aligns with these values
Review your digital touch points for accessibility
Partner with over-50 influencers who embody your brand values
This isn't about pivoting to an older audience, it's about acknowledging and serving a powerful consumer group based on their values and behaviours, not just their age.
Until next time, keep listening, keep learning, and keep evolving.
And make sure you digress often. Curiosity is key to winning in this game.
Charlotte
For those who missed the last edition check it out here:
