Who watches the most TV in America? Nielsen says people who are 65 and older watch 7 hours of television each day. Yet almost no TV advertising is geared toward them. That’s about to change.
The advertising industry has historically been populated by people in their 20s and 30s. The ad campaigns they cranked out always focused on people like them. But manufacturers and retailers are seeing a huge surge in their customer base of people 55 and up.
The Financial Times of London reports that the so-called “silver segment” will account for half of all consumer spending in the world over the next 5 years. (People aged 55 and up aren’t necessarily half of the world’s population, but they’ve got most of the money overall.)
In a sign of the times, manufacturers are now using equipment to test how hard or easy it is to open their products. If you make a product too hard to open, people might not buy it. It used to be that you made things hard to open to keep kids safe. But this is the opposite.
In Japan, there is a shopping center devoted exclusively to people past age 50. The stores in it are just for them. Then you have medical clinics for seniors and more and more stores doing senior discount days around the world.
Here’s my challenge to you: In an era of underemployment and unemployment, what is there a need for in the marketplace that you have the skills to do for our aging population? Simple demographics could create opportunity for you.