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Targeting senior consumersPublished by: Datamonitor Published: Oct. 2, 2003 - 49 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 INTRODUCTION 7 What is this report about? 7 Who is the target reader? 7 How to use this report 8 CHAPTER 2 BEING OVER 50 9 50 and beyond 9 Life changing events after 50 10 Being over 50 is changing 13 CHAPTER 3 SEGMENTING THE OVER 50’S 21 Size and growth 21 Income and wealth 23 Age 26 Lifestyle 27 CHAPTER 4 COMMUNICATING WITH OVER 50’S 32 Avoiding marketing myths 33 Showing seniors with pride 36 Channels of communication 38 CHAPTER 5 ACTION POINTS 41 Monitor your senior customer base 41 Add lifestyle insight to your segmentation 41 Study period effects and confirm them with primary research 42 Start a focus group of senior customers 42 CHAPTER 6 APPENDIX 43 Further reading 43 Do you need further information? 44 Datamonitor financial services consulting 44 FS writing team 45 LIST OF TABLES Table 1: Mega-lifestage durations 9 Table 2: Proportion of the population having contracted personal loans, credits or mortgages in the EU (%), by age 2000 11 Table 3: Senior consumers in employment (millions), 1997-07 14 Table 4: Trend in mean age of women at birth of first child, by country 1975, 2005 17 Table 5: European over 50s living alone (% and millions), 1995-2025 18 Table 6: Europeans participating in various activities in a typical week, by age (%), 2002 19 Table 7: A snapshot of European Seniors by country (millions), 1997-07 22 Table 8: European life expectancy forecasts by country (5 year averages), 1995-2000 and 2020-2025 22 Table 9: Distribution of mean disposable per capita income by age, 1997-07 23 Table 10: Distribution of mean disposable per capita income by age, 1997-07 (ctd.) 24 Table 11: Distribution of population by income group by age and country, (%) 2002 25 Table 12: Important values, behaviors and attitudes associated with the period effect 30 Table 13: An analysis of product categories featuring 50-plus models in advertisements 36 Table 14: Industry perceptions of how effective different media channels are in communicating with Seniors, 2003 39 LIST OF FIGURES Figure 1: Young Adults’ financial and residential reliance on parents 16 Figure 2: Youthful seniors 20 Figure 3: Over 50s as a percentage of total population in Europe (%), 2000-2025 21 Figure 4: Modeling older consumers 28 Figure 5: Hypothetical estimates of percentage of older consumer age group by status and lifestyle grouping 31 Figure 6: Self referential creative processes 32 AbstractIntroduction:The over-50s category is not only growing in size and in importance for financial services providers, with the advent of the baby-boom generation, it is undergoing fundamental change. Financial services marketers will need to reconsider how they segment seniors and how they communicate with them. This report provides the basic principles on how this should be done. Scope: * Basic demographics from Eurostat and Datamonitor * Strategic analysis by Financial Services and Consumer segmentation experts * European coverage: France, Germany, Italy, Netherlands, Spain, Sweden, UK Report Highlights: People between 50-59 experience more change and life events than in any other decade in life. The ‘50-something’ experience is best described as ‘50 anything’ because so much change occurs during that decade. All this hype about the over 50s becoming more active and healthier is a myth. Our figures show less than a third of over 55s are doing anything. Whilst there has been an increase in activity ratios for some this is more than offset by those who stop doing anything when they get older. Primarily, the communications problem stems from young marketers lacking empathy. In the UK, the Institute of Practitioners in Advertising estimates 81% of staff in advertising and marketing communications agencies were aged under 40 years old and 49% of staff under the age of 30. Reasons to Purchase * Gather new ideas on how to segment your senior customer base. What works? * Check your organization's marketing communications against Datamonitor's senior marketing myths. Get Full Details About This Report >> |
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