BCG: Brands should pay more attention to the 50-70 age group

By: Trademagazin Date: 2023. 09. 14. 14:07

According to the Boston Consulting Group (BCG) research “Don’t Overlook Your Mature Consumers”, members of the 50-70 age group, contrary to popular belief, have a much greater influence on the purchases of younger people, especially high-value products , for example in the case of vehicles or investments – therefore brands should not ignore older people either.

The research was conducted in 12 markets representing half of the world’s population and examined 870 million consumers in the 50-70 age group, dividing their purchases into 9 product categories. In these markets, 50-70 year olds spend an average of 27 percent of the market turnover, worth about 7 trillion dollars.

The research revealed that the examined age group spends less annually than the 18-49 year olds, but their individual purchases are of greater value, usually because they value quality more and therefore buy more expensive, premium products. This is especially true for high-value products such as vehicles, travel and investments, but it is common for other products as well. For example, the examined age group spends 11 percent less on clothing than younger people, but the value of some of their purchases exceeds that of young people by 80 percent.