The Big Miss: The Massive Market Hiding in Plain Sight
Nearly 50% of gen z and every baby born today will most likely live to be 100 years old. Yet, we are designing for and marketing to people who haven’t even lived half as long. Think about that. We are the first generation that’s going through menopause while simultaneously asking ourselves what we want to be when we grow up.
We are entering the ‘Super Age,’ as it has been dubbed by pundit Bradley Schurman, a powerful moment in demographic growth when people over the age of 65 will soon outnumber those under 18 in at least 35 countries. And even more incredible, the fastest-growing age group in the U.S. today is people over the age of 85, followed by centenarians (people over 100). Still the stereotypes remain. To put it in context, I’m writing this as I wave off my Midwestern parents, ages 85 and 90, to their yoga class. Did I mention cannabis use among older adults has risen seven-fold over the past decade? Yes, they are dabbling in this too.
This new demographic shift should have us thinking. As marketers, our job is to create the dreams and sell the stories that will entice people to buy into a specific lifestyle. And yet, the data shows we only tell the stories of 50% of our lives. Perhaps even less. For an industry that prides itself on being ahead of the curve, we are failing miserably.
Marta Kaufman, the creator of hit shows ‘Friends’ and ‘Grace and Frankie’—which both chronicle life’s turbulence of friendship, identity and purpose but from different vantage points—recognises the questions we had in our 20’s are not so different from those in our 60’s, 70’s, and even 80’s. The only difference is that our later years are ignored. Kaufman sums it up aptly, "People of a certain age are dismissed, they are invisible. They have so many stories to tell, and they provide a certain cultural history that we're losing.”
As well, we are losing out on dollars.
As we continue to ride the rollercoaster of TikTok trends or our latest obsession with the new and shiny—and by extension, youth culture—we are woefully ignoring where the real buying power lies. According to data from AARP, people aged 50+ contribute $8.3 trillion to the U.S. economy yearly, or 40% of the U.S. gross domestic product. The massive buying power and influence of “older generations” will be felt for decades to come. For example, in 2030 the first millennials will turn 50 and will contribute $12.6 trillion to the U.S. economy. By 2050, when gen z-ers turn 50, they will contribute $26.8 trillion.
Since we are often the very ones who help push brands and ideas into culture, we have an opportunity to change the perception around ageing, and to help redesign what life could look like as we age. With our unique skills we could help academics give voice to important ideas or provide empathetic audience portrayals to engineers, product designers, etc. Instead, the industry seems to be widening the gap and possibly contributing to our own future irrelevance.
Embrace longevity
Science and medicine reporter Corinne Purtill at The New York Times writes, “Modern life has a pacing problem. Middle age is uncomfortably crammed with career and caregiving responsibilities, while many older people find themselves with neither enough purpose, connection or income to live comfortably.” That means that we must completely rethink our attitude toward longevity. Not just by recognising that old age lasts longer; rather, that the concept of youth and middle age can be expanded as well.
There is a striking argument to be made in understanding the difference between longevity and ageing. Longevity recognises that we have longer, more continuously productive and vibrant lives, while ageing has us simply riding life out, white-knuckling it. It’s a massive pivot. Today, we are changing jobs, cities, partners, and even identities well into our 70’s. It's not about 50 being the new 40. 50+ is beautifully complex and meaningful. Full of possibility and even the same angst and excitement felt in our 30’s.
As a strategist in my 50’s, I embody the lived experience that yields valuable insights for my colleagues, who are often decades younger. It’s up to me to ensure that my demographic is not seen as vaguely “over there” (AKA over the hill). Because if we don’t have a diverse team, including people who received the promotional AOL CD-ROM, then we shouldn’t be surprised if advertising only speaks to young people.
The billion dollar mistake
We assume bad knees, probiotic yoghurts, simpler tech, larger fonts, and finding the fountain of youth are all examples of the types of topics that occupy the headspace of older consumers. But we wouldn't target gen z simply through the lens of acne, would we?
In this tireless search for “what’s next” we are missing a bigger opportunity in the ‘business’ of longevity (hello, $600B menopause market!). We need to be asking more questions. How do we start the relevant conversations needed to support our longer lives? When we let go of our stereotypes, what comes into focus? How might categories or entire industries be reimagined? What will the newest wave of entrepreneurs need to address? How do we tackle the increasingly more complex problems of an ageing society with empathy, humour and grace?
The truth is, we’ve created this age-obsessed culture, but we can rewrite it. It’s our responsibility as marketers to push the industries we operate in (and beyond) to embrace this mindset shift and to create work, ideas, products and services that reflect it.
To begin, let’s stop just chasing the new—the ever-more-ephemeral trends that are here today, gone tomorrow. Let’s embrace longevity, giving shape to the nuances that layer across a life well lived. Only then will we be prepared to meet the needs of this fast-growing, longer-living demographic.
