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The era when older people saved up for a rainy day is reaching an end. New research by Age Concern Research Services (ACRS) reveals that the older‚ richer‚ fitter over 50s are increasingly moving into a ‘buy now‚ worry later’ mindset.

Marketers and businesses must be quick to ditch stale stereotypes about timid and unadventurous older consumers‚ if they want to secure the custom of the over 50s before they seek out the competition. 

The research ¹ shows:

• Only a quarter of 50-somethings said they would rather save - 46 per cent of over 50s and 49 per cent of 70+s said they would rather spend.
• The over 50s now owe more‚ relative to their income‚ than younger people ²
• 25% of all polled said people never stopped being young. The 45-54 year olds were most likely to agree that youth is eternal. People who had reached 55 were the group most likely to say they didn’t know at what age youth finished.
• Three quarters (75 per cent) of people think age discrimination will not get any better in the next five years with a quarter (28 per cent) saying it will get worse.
• 45 per cent think that employers don’t like having older people on their workforce as they spoil their  image.
• 49 per cent of all people agreed that marketing people take no notice of older people and 18 per cent of those people agree strongly.

To help marketers and businesses to devise sophisticated new approaches to segmenting and attracting the grey market‚ Age Concern is launching a new book‚ on the same day as Age Concern Research Services’ first annual conference "Understanding the UKs 50+ population” (Tuesday 8 Feb) ³.

'Older‚ richer‚ fitter' is a comprehensive guide to understanding the grey market and is packed with case studies of mainstream businesses whose efforts to understand the grey market have boosted their profit margins without losing them younger customers.

From LA Fitness’ Prime Time package to the Ford Focus car; and BT’s Big Button  phone to Odeon Cinema’s Senior Screen - 'Older‚ richer‚ fitter' shows how inclusive design‚ advertising and marketing helped these businesses to attract the over 50s.   

Co-author of 'Older‚ richer‚ fitter' and expert in the field of ageing‚ Dr David Metz said:

“Marketers and businesses so rarely design‚ create and promote products with older people in mind and it’s a wasted opportunity. We’re living in a spending culture with a demographic balance that is tipped towards older people – what are they waiting for?”
 
Although half of all face care products are bought by the over 50s‚ many older people tell Age Concern that they think advertisers ignore them because of their age. More than half (59 per cent) of people polled by Age Concern said they thought marketers and advertisers were ageist.

Actress and model‚ Twiggy Lawson has advertised beauty products for over 50s. and has just launched her own range of beauty creams for people of all ages. Twiggy Lawson said:

“Maturity and confidence has a unique beauty of its own and it's vital that older people are treated equally as consumers of beauty products."

Notes for Editors:

Book information: 'Older‚ richer‚ fitter' (ISBN: 086242383X)‚ by David Metz and Michael Underwood. This publication is available from all good bookshops‚ or by contacting Age Concern Books directly on 0870 44 22 120‚ address Units 5&6‚ Industrial Estate‚ Brecon‚ Powys LD3 8LA. Cost: Priced at £16.99 plus £1.99 p&p. You can also order on-line at www.ageconcern.org.uk/shop

Both authors are available for interviews. A high resolution image of the cover is also available.

1. The LifeForce survey is an extensive survey conducted by Age Concern Research Services and involving 1540 people aged 45+ across the UK. 1540 people were asked extensively about their views‚ experiences and lifestyle‚ during one-to-one interviews and questionnaires.
2. People in their 50s now owe more in total than younger people (just under 20K non-mortgage debt). They also owe more relative to their income – more than 20 times their net monthly income on average.  July 2004‚ research by the Consumer Credit Counselling Service and Age Concern.
3. Revealing the 50+ Market place in the UK‚ George Street‚ SW1

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