The findings from the research carried out by Enders Analysis and YouGov, alongside implications for advertisers and marketing execs, were unveiled this week to an audience of media agencies, buyers and journalists.
Against a backdrop of an ageing population and the highest levels of long-term youth unemployment for 20 years, marketing and advertising agencies were urged by Claire Enders, Founder & CEO, Enders Analysis to rethink youth-focused strategies and turn their attention instead to older audiences with higher disposable incomes and greater decision-making power.
Between 2002-2012, spending by homes where the head of the household was aged 50 or over grew by £100 billion, accounting for two-thirds of growth in family expenditure. By 2015 the over-40 age group will outnumber under-40s for the first time. These trends and their wide-ranging implications for brands and advertisers have been scrutinised by Enders Analysis in the study. YouGov’s research, through a series of expert interviews and qualitative analysis, provides a graphic insight into the attitudes and aspirations of three key segments of Generation Wealth consumers.
Claire Enders commented, “The UK is growing up. We are in the middle of profound demographic and social change. Mature consumers, especially ABC1s, account for a growing share of expenditure, dominating even ‘young’ sectors such as media and recreation. This is a sophisticated audience who embrace traditional and digital media. Capitalising on these trends is increasingly crucial for brands and marketers.”
Jane Carn, Head of Qualitative Research, YouGov said, “This research shows that Generation Wealth are consumers who refuse to grow old. They are highly engaged with brands, fashion and technology. They know they have income at their disposal and want to see advertising and marketing that speaks to them and acknowledges their positive outlook and individual spirit.”
A large proportion of Immediate’s portfolio of titles currently target this growing segment of mature consumers, both large scale brands and smaller passion-area titles. These include: Radio Times, BBC Gardeners’ World Magazine, BBC Wildlife Magazine, BBC History Magazine and olive.
Tom Bureau, CEO, Immediate Media Co added, “This is a remarkable set of data and suggests that advertisers and their agencies should be taking this group of consumers increasingly seriously. Immediate has unparalleled access to this growing, wealthy demographic, more than not only other magazine publishers, but also the entire quality press.”
