Newsgroup 4 helps growing business reach the most lucarative Senior Market in Utah. According to the Bureau of Economic and Business Research, University of Utah, Utah has the 6th fastest growth rate in the nation for people age 65 and older.
DID YOU KNOW?
According to the U.S. census, these are the facts. Seniors control over 70% of all disposable income with 1.6 trillion in spending power. Seniors spend over 7 billion online.
|Seniors (50+) are the fastest growing market today, comprising 37% of the U.S. adult
population and rising to 45%+ by 2015.
|Adults 50+ control a household net worth of $19 trillion and own more than three-fourths
of the nation's financial wealth combined.
|Seniors account for 60% of all goods and services.|
|Seniors purchase over 40% of all new cars and over 80% of the Luxury new cars.|
|Seniors account for over 80% of luxury travel|
|Seniors purchase over 74% of all prescriptions and Seniors account for 60% of all
|Age 55+ households are the fastest growing user segment to embrace computer
technology are the most brand loyal age group.
|Seniors own 70% of all money market accounts and certificates of deposit assets.|
|Seniors have an income per capita that is 26% higher than the national average.|
|Is your company targeting Seniors?
Senior buying power attracting advertisers
Senior citizens compose the largest single segment of Americans today. The mere size of this group commands attention, especially to their buying habits. The thinking is fundamentally sound, "there is power in numbers."
There is a new trend in advertising, it's recognizing the buying power of those 55 and over, reports CBS station WFOR-TV in Miami.
It's a return to a target audience recently set aside by some advertisers. South Floridians 55 years
and older may notice companies are back to get their business because they are worth billions.
"Everybody has their day," said Shirley Stocklei, a woman out for a walk with her husband on the streets of Coconut Grove. These days belong to couples like them. They are over 55 years of age, and a target for companies looking for business.
It's believed this group is getting more attention these days because they have the buying power. "We are at the stage of our lives where we don't have to always second guess and think about what we are spending a dollar on," said Lorne Stocklei.
Companies have realized that and are targeting that demographic with certain needs like healthcare, but also with a certain level of freedom. Advertisers confirm the tide is changing.
"They asked Jesse James, why do you rob banks," said Bruce Turkel, "And he replied, 'That's where the money is.'"
"Being cool and being hip and marketing all that stuff to young consumers mattered when everybody had money, but now, when they don't, you go where the money is, you cast where the fish are swimming,"
And the fish are spending. Fifty-five and over represents one third of the population with a wallet worth $36-billion.
The Stockleis are just one couple who are the perfect example, after all, they are celebrating their 45th wedding anniversary proving in addition to buying power they have staying power.
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