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Selling to, and Profiting from, the Over-50s - UKPublished by: Mintel International Group Ltd. Published: Oct. 1, 2004 - 165 Pages Table of ContentsIntroduction and Abbreviations Abbreviations Executive Summary Numerically superior Freedom is the key The downsides of being over 50 Stuck in the middle - the joys and problems of family life Working lives - a fluid picture Finance over 50: the living is easy (for some) 'My Generation': the legacy of the 1960s Keeping up appearances is as important at 60 as at 30 Women learn from their daughters Men prefer to go their own way 'Mind willing, body not' Never too old to learn Sport is health-related Who to spend time with? The role of technology Younger longer? - undoubtedly Life at 50 (1): Family and Working Life Over-50s in the population Figure 1: Population growth of those aged 50+, 2002-09 The time of their lives? Figure 2: 'I am very happy with my life as it is', by age group, 2004 Figure 3: Satisfaction with life - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 The best and worst of being over 50 The best... Figure 4: The best things about being over 50, 2004 ...and the worst Figure 5: The worst things about being over 50, 2004 Family values Children - time to leave home? But some are just arriving Parenting is a lifetime job... ...emotionally ...practically ...and financially Grandchildren are a constant presence Lots of cuddles But they are often still caring for their own parents Spouses, partners and significant others Independent singles Starting over Happy together? Getting along together Education for life Living to work? Figure 6: Working status of those aged 50-69, by age group, 2004 Source: GB TGI, BMRB Summer 2004/Mintel Work and children Direction changers Reluctant downshifters Happy downshifters Would-be downshifters Retirees Out of retirement Ageism and the workplace Grumpy killjoys? Feelings of being cast aside Past your sell-by date Time to move on The marketing perspective Life at 50 (2): Priorities and Attitudes Priorities Figure 7: Important things in life - 50-69-year-olds, October 2003 Keeping up standards: Money and the over-50s Spending patterns Figure 8: Average weekly household expenditure, by age of head of household, 2002/03 Figure 9: Average weekly household expenditure, by all households and households where the head of household is aged 50-59 and 60-69, 2002/03 Figure 10: Average weekly household expenditure, by age of head of household, 2002/03 Figure 11: Average weekly per capita expenditure on food, in and out of home, by age of head of household, 2002/03 Figure 12: Total household expenditure, by age of head of household, 2002/03 Relatively high contentment with living standards Figure 13: 'I am perfectly happy with my standard of living', by age group, 2004 Figure 14: 'I am perfectly happy with my standard of living' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 The departure of children means more money for themselves Less outgoings...and some extra money coming in Some concern about future financial provision Time on their side? Figure 15: Availability of time - all adults and those aged 50-69, January 2004 The advantage of being retired Figure 16: Availability of time - those aged 50-69, by working status, January 2004 Part-time workers have 'quality time' Figure 17: Availability of time - all adults and 50-69-year-olds, by working status, January 2004 Keeping all the balls in the air Figure 18:'In this day and age it is important to juggle various tasks at the same time', by age group, 2004 Figure 19: Attitudes towards time management - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Lifesavers Figure 20: Most important things to make life easier - all adults and those aged 50-69, January 2004 Figure 21: How extra free time would be used - all adults and those aged 50-69, January 2004 Figure 22: Most popular ways extra free time would be used - 50-69-year-olds v all adults, January 2004 How adventurous are they? Figure 23: Routine versus impulse, by age group, 2004 Figure 24: The importance of routine - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 25: Acting on the spur of the moment - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 26: The appeal of novelty and challenge - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 'My Generation' Attitudes towards society Important to contribute to society Figure 27: Duty versus pleasure, by age group, 2004 A key lifestage for green consumers Figure 28: Attitudes towards ethical consumerism, by age group, 2004 Figure 29: Ethical consumerism - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 A woman's place? Figure 30: 'A woman's place is in the home', by age group, 2004 Figure 31: 'A woman's place is in the home' - those aged 50-69, by gender and age, 2004 The marketing perspective Looking Good and Staying Fit Attitudes towards they way they look Figure 32: The importance of being attractive to the opposite sex, by age group, 2004 Figure 33: The importance of being attractive to the opposite sex - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 34: The importance of being attractive to the opposite sex - those aged 50-69, men and women, by marital status, 2004 The importance of image Figure 35: Attitudes towards appearance, by age group, 2004 Men less concerned about appearance Figure 36: Attitudes towards looking after appearance, image - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 37: Attitudes towards looking attractive and well groomed - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 38: Attitudes towards looking well dressed - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 39: Attitudes towards looking well dressed - those aged 50-69, men and women, by marital status, 2004 Figure 40: 'I wear just anything, I don't worry much about it' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 41: Attitudes towards the way they dress - those aged 50-69, men v women, by marital status, 2004 Figure 42: Attitudes towards the way the dress - those aged 50-69, by marital status, 2004 Forever young? Figure 43: Attitudes towards appearance, by age group, 2004 Women want to stay looking young longer Figure 44: 'It is important to keep young looking' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 It's men who wear the jeans Figure 45: Wearing jeans - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 46: Those who usually wear jeans - men and women aged 50-69, by age group, 2004 Figure 47: Those who dress in a young style, and who only buy fashionable clothes - men and women aged 50-69, by age group, 2004 M&S still the favourite for clothes purchases Figure 48: Retail outlets used for clothing by those aged 50-69, May 2003 Figure 49: The most popular outlets for clothes shopping and Internet/catalogue usage - those aged 50-69, by gender, age, socio-economic group, working status and marital status, June 2004 One in five shop at Asda Figure 50: The most popular retail outlets for clothes shopping - those aged 50-69, by gender and socio-economic group, June 2004 M&S is disappointing some consumers Men - passive, sharing or independent choosers? Spending on clothes Figure 51: Average annual household expenditure on men's and women's clothing, by age of head of household, 2002/03 Spending on womenswear highest among 50-59s Skincare Figure 52: Use of products to keep skin young and supple, by age group, 2004 Figure 53: Use of products to keep skin young and supple - women aged 50-69, by age, socio-economic group, working status and marital status, 2004 Daughters spending on anti-ageing products Mums are more sceptical Old and trusted brands Make-up Lessons from the young Beauty treatments Generation gap? Health and fitness 'Mind willing, body not' Figure 54: Attitudes towards healthy lifestyles, by age group, 2004 Figure 55: 'What I want most is to be fit and active' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Less affluent need to be encouraged to exercise more Figure 56: 'I do some form of sport or exercise at least once a week' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 57: 'I do some form of sport or exercise at least once a week - those aged 50-69, by socio-economic group, 2004 Many women are constant dieters Figure 58: 'Most of the time I am trying to lose weight' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 59: Participation in sport and exercise - those aged 50-69, all versus those who want to lose weight, by gender, 2004 Menopausal malaise Figure 60: Self-treatment for illness as a way of making life easier - all adults and those aged 50-69, by gender, January 2004 They look at you as an age group, not as a person 'You just never know' The marketing perspective Over-50s at Leisure Gardening and DIY Figure 61: Average annual household expenditure on garden products, by age of head of household, 2002/03 Appreciation of gardening rises with age Figure 62: 'I get a good deal of pleasure from my garden', by age group, 2004 Gardening provides consolation for the bereaved Figure 63: 'I get a good deal of pleasure from my garden' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 The men need 'big schemes' Hobbies and interests Many hobbies don't come cheap Sport and exercise Figure 64: Sports participated in regularly - those aged 50-69, by gender, March 2003 Being married means less time for hobbies/sport Figure 65: Average weekly time spent on hobbies/sport- those aged 50-69, by gender, age, socio- economic group, working status and marital status, 2004 Eating out The 50-59s are key spenders Figure 66: Average annual household expenditure on meals in restaurants and cafés, by age of head of household, 2002/03 Figure 67: 'I enjoy splashing out on a meal in a restaurant', by age group, 2004 Figure 68: 'I enjoy splashing out on a meal in a restaurant' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Restaurants are for couples Figure 69: Attitudes towards eating in restaurants - those aged 50-69, by age and socio-economic group, 2004 Figure 70: Those who go to restaurants (daytime and evening) - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 'Ladies who lunch' too busy doing sport to eat out Figure 71: Women who go to restaurants in the daytime - those aged 50-69, by working status, 2004 Arts and culture Figure 72: Interest in the arts and music, by age group, 2004 Figure 73: Interest in the arts - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 ABC1 women are the 'most cultured' Figure 74: Interest in the arts - those aged 50-69, men and women, by socio-economic group, 2004 Figure 75: Those who go to the theatre these days - 50-69-year-olds, by gender, age, socio-economic group, working status and marital status, 2004 Figure 76: Those attending opera, ballet and contemporary dance performances - 50-69-year-olds, by gender, age, socio-economic group, working status and marital status, 2004 One in four 50-54s go to pop/rock concerts Figure 77: Those attending music performances - 50-69-year-olds, by gender, age, socio-economic group, working status and marital status, 2004 Figure 78: 'Music is an important part of my life' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Art galleries appeal to the singles Figure 79: Those going to art galleries/exhibitions - those aged 50-69, by gender, age, socio-economic group, working status and marital status2004 Holidays The reward for getting older Get out and do it while we can Leisure companions Learning new skills - computers and the Internet Figure 80: Attitudes towards technology, by age group, 2004 Figure 81: 'I try to keep up with developments in technology' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Men getting hooked on the Internet Figure 82: Frequency of Internet usage at home - those aged 50-69, by gender, age and socio-economic group, July 2004 Figure 83: Type of Internet usage at home- those aged 50-69, by gender, age and socio-economic group, July 2004 Figure 84: 'I often refer to the Internet before making a purchase' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Resistance to new technology Technology at work Emailing is appreciated Technology and leisure Figure 85: Use of technology as a way of making life easier - all adults and those aged 50-69, by gender, January 2004 Over-50s and cars 50-59s are key spenders on new cars Figure 86: Average annual household expenditure on vehicle purchase, by age of head of household, 2002/03 Boys' toys The marketing perspective The Future Staying younger longer? Financial freedom Relationships The legacy of the 1960s The pace of life today What does the future hold? Figure 87: Current concerns - all adults and those aged 50-69, October 2003 Figure 88: Those concerned about health-related issues and low intereset rates - 50-69-year-olds, by gender, age, socio-economic group, working status and marital status, October 2003 Live for today? Figure 89: Spending and saving, and worries about the future, by age group, 2004 Figure 90: 'I prefer enjoying my money (spending it) rather than saving it' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Figure 91: 'I like to enjoy life and don't worry about the future' - those aged 50-69, by gender, age, socio-economic group, working status and marital status, 2004 Merry widowers Figure 92: 'I like to enjoy life and don't worry about the future' - those aged 50-69, all versus those who are widowed, by gender, 2004 Spend the kids' inheritance - but hang on to the house Long-term care 'Downsize me'? Typologies Figure 93: Cluster groups, by agreement with lifestlye statements, 2004 Figure 94: Cluster groups, by demographic sub-groups, 2004 Over-50s Appendix Figure 95: Population trends, by age, 2002-09 Figure 96: Demographic profile of adults aged 50-69, by gender, socio-economic group, region, working status and marital status, 2004 Figure 97: Profile of adults aged 50-69, by household size, 2004 Figure 98: Profile of adults aged 50-69, by lifestage, 2004 Figure 99: Profile of adults aged 50-69, by home ownership and length of occupancy, 2004 Figure 100: Profile of adults aged 50-69, by highest level of educational achievement, 2004 Figure 101: Profile of adults aged 50-69, by media usage, 2004 Figure 102: Profile of adults aged 50-69, by family income, 2004 Figure 103: Average weekly household income (£), by age of head of household, 2002/03 Figure 104: Average weekly savings (£), by age of head of household, 2002/03 Figure 105: Profile of adults aged 50-69, by ACORN group, 2004 Appendix: Research Methodology Confidence levels AbstractMany of the consumers who are now in their fifties and sixties are part of the 'baby boom' generation - the 'population bulge' born in the years immediately after the Second World War. As well as having numerical strength, this group has been credited with having trail-blazing attitudes - they were the first 'teenagers', and they were a part of the far-reaching social changes which took place during the 1960s. Now, as they reach the age group which is often dismissed by marketeers as being too old-fashioned and set in their ways to be worthy of much interest or effort, it is predicted that they will once again make waves, refusing to succumb to the stereotypes of ageing, and forging a new identity for the older consumer. This report takes as its theme the hypothesis that this group represents a 'SYLO' (staying younger longer) generation.
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