Why Mature Age Consumers?

When infamous felon Willie "The Actor" Sutton was asked why he robbed banks, he replied by stating the obvious - "because that's where the money is!".


That reply is equally obvious, and accurate, whenever a business owner or manager asks why their business should target mature age Australians -

"because that's where the money is!".

The statistics are undeniable and unending, but here are some of the more compelling:

- Starting in 2010, when the first Baby Boomers turn 65, the average monthly increase in the number of Australians over 65, will be more than 20,000 -for the next 40 years.

- The monthly increase in over 65's equates to the population of a major regional city - every month for 40 years.

- Over those 40 years, the increase in Australians over 65 is more than today's population of New South Wales.

- By 2040, there will be more than 7 million Australians 65+, a ratio of 1 in 4 versus 1 in 8 today.

- By 2050, one third of our population will be over 65.

Today's business opportunities targeting mature age Australians - the market we define as "Boomers and beyond"-- are far greater than the raw numbers suggest. While these Boomers and beyond are numerically 25% of Australia's population, they control 50% of total consumer buying power, and own 75% of the country's financial assets.

For Australian businesses with export aspirations, Asia's population over 60 is currently 385 million. Europe has 153 million.

In the recently published "PKF Business & Population Monitor", Access Economics asked the question - "How many firms have factored into their business plans the realisation that almost half of the increase in retail sales in the next decade will be to customers aged 60 and over?". Has your firm?

Particularly when working with SME business owners, I frequently revert to one of my favourite quotes - "You don't have to outspend your competitors, if you can outthink and outcreate them".

A recent experience is a perfect example of the thinking behind this quote:-

The operator of a Yoga studio has really cracked the mature age market, by repackaging her yoga sessions as "Fall Prevention Strategies for Seniors."

There's the challenge for Australian business proprietors -- how to rethink and recreate your products and services to increase their appeal to those monied mature age consumers.

What differentiates a blog from other communications activities is the opportunity for two way interaction.

Please let others share your thoughts.

Or for more of mine, try here at http://www.seniorcoach.biz/