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Through a special arrangement, presented here for discussion is a recent article from MarketingCharts, which provides up-to-the-minute data and research to marketers.
Boomers control half of U.S. household wealth, and adults older than them control another eighth. But not only are older Americans being ignored in advertising, they’re also feeling left behind in product innovation, according to survey results from Ipsos.
Ipsos asked more than 1,000 U.S. adults the level to which they agreed or disagreed with the following statement: “Most new products are being created with my needs in mind.” Overall, more respondents agreed (31%) than disagreed (23%) with the statement, though a plurality (47%) neither agreed or disagreed.
There was a strong age skew to the results, though. Some 41% of 18- to 34-year-olds agreed that most new products are being created with their needs in mind, well above the overall average (31%). However, fewer than half as many (19%) respondents ages 55 and older felt the same way.
Not too surprisingly — and possibly as a result — Ipsos details an “enthusiasm gap” when it comes to brand innovation. Whereas about half of 18- to 34-year-olds (52%) and 35- to 54-year-olds (48%) agreed that “most new products excite me,” only about half as many (27%) respondents ages 55 and older concurred.
As Ipsos notes, this might be “isolating brands from a significant segment of buyers.” Indeed, about 100 million Americans were ages 55 and older in the U.S. last year, constituting 30% of the population.
Technology may be one area for senior innovation. Baby Boomers have become accustomed to smartphones and smart devices, but their needs change as they age. Ipsos wrote, “Brands that can create intuitive, user-friendly products and services for this demographic stand to gain a competitive advantage. For example, the rise of wearable health devices has enabled older adults to monitor their health in real-time, empowering them to take an active role in their well-being. Accessibility accommodations, from adjustable font sizes to more practical buttons, will be key to keeping the customer base satisfied.”
Packaging may also be an opportunity, as 48% of the respondents 55 and older agreed “most new products often have packaging that is difficult to open” versus 43% of 18- to 34-year-olds.
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