We spend our days being told who we’re targeting in our campaigns, but recently I attended a Marketing Association Brainy Breakfast presented by Newsworks on Colmar Brunton’s Over 45s Research. It reinforced for me that it’s time to have a re-think on behalf of the brands we represent as to who their target markets really are.
Naively, it surprised me that 1.8 millon New Zealanders are over 45 years old, and according to Colmar Brunton Limited, that number is set to rise to 2 million by 2020.
Those people plan to spend $23 billion over the next year, that’s not necessarily income related, as some of them are retirees, or working less at least.
The stats continued to be compelling.
Despite generalised perceptions that as people age they’re less active and quietly waiting to slip into a retirement village, over 45s are cashed up and filled with plans and aspirations.
Of that $23.5 billion they plan to spend, 65% of them are planning to spend it on home renovations, 84% want to travel around New Zealand, 52% will travel overseas, 61% will upgrade their car, 47% will buy appliances and home technology and 41% say they buy more luxury items.
So why are we constantly targeting that 25-35 year-old cool group with limited disposable time and income and how do we reach this growing over 45’s group that make up four out of 10 Kiwis?
It was interesting to learn the over 45’s still love a good newspaper. 48% read a daily newspaper, 50% read newspapers online and 30% will use an app version.
The research says newspapers for the over 45’s are about slowing down, escapism and control. Newspapers are for savouring information as opposed to snacking on it, which people tend to do with digital formats.
It found that newspapers drive consumer action in the over 45’s. 72% say newspapers will influence where they will make a purchase, 72% will buy what they’ve seen in newspapers and 65% will attend an event based on an ad they’ve seen.
I guess for me, this knowledge has reinforced what I have already noticed in terms of the demographics of entrants and winners of some of our consumer promotions.
Maybe it’s time to sit up and take notice, because if we don’t there’s a $23 billion annual spend that we’re turning our nose up at.
Source: Colmar Brunton Over 45s Research