Another gloomy report on quarterly retail sales from brick-and-mortar stores. So why have retailers abandoned “old people,” defined by Pew Research as age 65-plus? They have also abandoned the largest spending potential.
Jakob Nielsen, NN/g, said that older Americans are underserved. In an interview with MarketWatch, Nielsen said: “Based on the number of businesses that have bought reports for each age group, there is three times as much interest in catering to teenagers as for seniors, but there’s probably 10 times as much money to be made from seniors.”
The senior market is growing and more affluent than other sectors. The medium net worth of senior households is $108,000; under 35 years old is $7,240.
This group is also working past 65 and earning added income. Yet marketers are still chasing the younger market. The most important finding for this age group is that its tech knowledge is growing. The 65-plus group also can afford a $1,000 cell phone or tablet.
If retail, or any marketer, wants to increase sales and meet quarterly goals, it’s time to begin targeting older audiences.