Terri HolleyLeveraging the Power of Over 50’s Wallet
On an ordinary Saturday morning in downtown DC, with my 22-year-old daughter by my side, sales associates eagerly approached my daughter, offering the latest trends and must-have items while I seemed invisible; not one salesperson even acknowledged my existence despite my purchasing power and the intention to buy. They never understood this reality because of ageism.
The Trillion Dollar Economy
Women aged 50 or more reportedly control an estimated spending power of 15 trillion dollars! Although often dismissed by marketers and advertisers as irrelevant to economic stability, our demographic represents an enormous economic force. Many of us have worked long and hard, amassing wealth while making informed financial decisions over time – leading us to be financially more secure than many other groups and contributing their consumption patterns to reflect not just needs but desires, ambitions, freedom of choice as well.
Go Beyond Just Healthcare and Pharmaceuticals
There’s a common belief that our spending revolves around healthcare and pharmaceuticals alone when this is far from true. Women over 50 invest heavily in travel, luxury goods, real estate, and technology. Our online shopping habits have skyrocketed, especially after pandemic outbreaks, making us a key driver of growth within this sector.
The Loyalty Factor
One element marketers often overlook when targeting women over 50 is loyalty. Women over 50 who receive excellent treatment from brands or services tend to become highly loyal customers who appreciate quality, service, and an overall outstanding experience compared to younger customers who may change brands more quickly following trends, unlike the latter group, who may seek lasting relationships.
There Is a Need for Change
Businesses must adopt an inclusive strategy. Age should not be seen as an impediment to marketing; by looking beyond age to focus on values, interests, and needs, businesses will discover an enormous market ready to buy goods or services from them – an economic oversight if ignored!
Age discrimination remains an issue in America, the land of dreams and opportunities, where youth is celebrated while experience and wisdom often go unacknowledged. Businesses frequently target younger buyers while disregarding those over 50 with significant purchasing power who represent not just wisdom but buying power as well.
Companies should ask themselves: Am I sidelining those with tremendous potential by seeking newer trends instead of nurturing old foundations that might unlock trillion-dollar treasure troves? — Every time someone you overlook due to age may turn out to hold critical insights for unlocking future treasure troves full of riches!