Are you looking for new growth and differentiation for your business? Are you looking for a low-risk and high reward customer to achieve that growth and differentiation? Look no further than the over 50’s market and our infographic below. Healthier, wealthier and more active online and offline than at any other time in history, the over 50’s are the chief drivers of Australia’s ‘longevity economy’.
Why are older Aussies ignored?
We are all living longer than at any other time in history. In the future, average lifespans will extend to our 90’s and beyond. And the proportion of centenarians will continue to increase. This is a future in which generational labels will no longer have a place; and older Aussies will become an integrated and integral part of the total population. However, few Australian companies have recognised the opportunity of the over 50’s – not only as a market but also as a productive workforce asset.
Because of the deeply entrenched stereotypes, assumptions and beliefs Aussies have about older Aussies. As a society, we generally consider older people as one homogenous group. This is reinforced by messages from the media, painting older people as a ‘grey tsunami’ – a group of people that will put pressure on our already overburdened pension, welfare and health systems. Consequently, this is rarely considered an attractive market.
However, as you will see in our infographic below, these ageist perceptions we have of older people are unfounded and outdated. They simply don’t belong in a world where people are routinely living to 80, 90 and beyond.
How do organisations innovate for the over 50’s?
Businesses need to start with understanding their older customers and employees to access the opportunities they represent. Our infographic below is a good place to begin. If all Aussies, younger and older, are to benefit from the gift of longer lives, businesses must start thinking about how to:
- Create more inclusive marketing campaigns;
- Iterate and innovate products and services that meet the needs and wants of the older demographic.
- Design inclusive HR policies and practices that harness and leverage the asset of older workers.
The key to success is evolution not revolution. An inclusive, integrated strategy that embraces the older customer and employee will remain relevant long into Australia’s much older future. Take a look at our infographic for inspiration and insights on the longevity economy.
Infographic: Mythbusting the over 50’s
- Population Estimates by Age and Sex, Summary Statistics – Local Government Areas (ASGS 2016), 2016.
- ABS Catalogue No. 6238.0. Retirement and retirement intentions, Australia, July 2014 to June 2015. Canberra, 2016.
- ABS Catalogue No. 6291.0 Labour force, Australia, detailed. Table 01: Labour force status by age, social marital status and sex. Canberra, 2016.
- ABS Catalogue No. 6523.0 Household Income and Wealth, Australia: Summary of Results, 2015–16. Released September 13, 2017.