America’s marketing culture has long depended on demographic waves of young adults to fuel growth. As a result, marketing to mature consumers has often been an afterthought, with stereotypes about older people deeply entrenched. Marketers view the 50+ cohort as a single demographic and only good for healthcare and financial services. They tend to believe the over-50 age group is ‘set in their ways,’ possessing limited income, and “not savvy about modern technology.”
But those views of the 50+ consumers are outdated, and a new demographic reality is here. The over-50 population is rapidly growing and has become America’s predominant demographic. As The New York Times editorial staff recently shared, by 2034, there will be more Americans over 65 than under 18. America is no longer a young nation but an aging one. It’s time for businesses to respond accordingly.
Against this backdrop, marketing veterans David Page (founder) and Brian Martin (CEO) have launched Five0 Consulting to help businesses capitalise on the unique needs of this valuable cohort. Joined by chief strategy officer William Charnock, Five0 is helping companies build their businesses by doing a better job of appealing to today’s 50+ consumers.
“For many years, we’ve been working with brands targeting mature consumers,” said David. “We’ve learned that this audience is dynamic, wealthy, and unlike any other cohort.”
According to the AARP, people aged 50+ hold over 70% of all wealth in the US. “The over-50 market is much more vast and vibrant than businesses understand,” said Brian. “With growth becoming increasingly challenging for companies to achieve, now is the perfect time to focus on this audience. Americans over 50 have more disposable income, lower housing costs, and more time available to do the things they love. They are spending more on things that matter to them.”
Five0 has identified a particularly valuable segment they call The Focus Five0. It is composed of 31 million 50+ consumers who are driving the American economy with their purchasing power and influence. “This affluent group is perhaps the most overlooked and under-appreciated segment out there,” said William. “It is the most fertile ground for growth.”
The consultancy has comprehensively segmented the Focus Five0 audience to enable marketers to better understand the nuances of this cohort and connect with them in meaningful ways.