Over 45s segment represents $23.5B spend opportunity
The Over 45s have huge purchasing power with travel and home renovations topping their plans in 2016.
New research has revealed that 50 percent of people over 45 years old say they plan to travel around NZ or overseas in the next 12 months, while 29% are planning home renovations.
The nationwide survey of nearly 1,700 over 45s, conducted by Colmar Brunton on behalf of News Works, has shed new light on the spending and media habits of this growing demographic.
And it’s no surprise that when it comes to their media habits, the newspaper plays a key role, with 79% of respondents saying they enjoy reading newspapers as they’re in control of what they choose to read.
But how much does this enjoyment of newspapers actually translate to spending? Diane Hannay, Head of Marketing at News Works says “the research has drawn some strong parallels between newspaper reading and purchase behaviour. For example 59% of respondents have actually bought something as a result of seeing it in the newspaper.”
The figure jumps to 72% that say they decide where to buy something when reading the newspaper, highlighting the influence that the daily paper has on buyer behaviour.
With 4 out of 10 New Zealanders already in this age bracket, projected to reach 42% of the population by 2020, it’s time advertisers took a closer look at this opportunity, says Hannay. “Advertisers have been very eager to appeal to the millennial generation for some time, often favouring digital and social media channels to reach them, while the Over 45s appear to slip under the radar a bit as a target market.”
Colmar Brunton Executive Director Chris Vaughan agrees, saying “they represent a largely untapped opportunity for businesses when you consider that outside of campaigns for funeral cover, retirement villages, home building and travel, boomers hardly feature in advertising.”
Vaughan believes if other categories such as cars, banks, technology – to name a few – took this segment more seriously they would reap the rewards.
“The key to that is understanding more about the dynamics of the over 45s and that doesn’t necessarily come naturally to average New Zealand marketers who are in their early 30s.”
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