Businesses that ignore the 50+ market are missing out on profits

At 64, Dennis Christianson is at the top of his game.

He’s the chief executive officer of Anthology Marketing Group, Hawaii’s largest marketing and communications firm and age isn’t slowing him down.

“What I notice the most is that people are marketing to me for the wrong reasons or for the wrong product,” Christianson said.

Businesses that don’t pay attention to people like Christianson and the rest of the 50+ market do so at their own peril.

AARP studied the 50+ market in Hawaii, what we call the Longevity Economy, and found that while people 50+ make up about 35 percent of Hawaii’s population, they have an outsized impact on economic activity, accounting for about $33.5 billion of Hawaii’s gross domestic product.

Yet, a recent AARP survey found most consumers 50 and older feel like businesses aren’t paying enough attention to them.

“I think a lot of people miss this market,” Christianson said.

It’s a diverse market and the 50+ have multiple interests that defy easy stereotypes, he said. “The boomers are not aging the way their parents aged … Their life is still in full stride.”

People in the group could be already retired at a younger age than their parents, or be working into their 70s and beyond. They could be empty nesters, or still have kids at home, and even parents living with them. They can be living healthy and active lifestyles well into their older years, or have health problems.

“(Marketers) can’t fit them in a box,” Christianson said. “There are 55-year-olds that behave like 35-year-olds and 50-year-olds that are very conservative and act like 65-year-olds.”

Some businesses segments do a good job at targeting the 50+, Christianson said, citing the automotive, travel and cosmetic industries. Politicians also appreciate the market.

“They (people 50+) pay attention and show up to vote,” he said.

Christianson divides the group into 50- to 65-year-olds and those 65 and older. He said the 50- to 65-year-olds are a prime target audience.

“(Age) 50 to retirement is usually the peak earning years for people,” he said. “For some the kids are out of the house. They have a lot of disposable income.”

It’s a group that is careful with their money, but willing to spend on quality products.

“They are not tight with money, but they know what they like spending it on. Travel, dinners out, they will get it without guilt,” he said. “They are savvy shoppers.”

The 50+, especially those 50 to 65, use technology and spend time on social media and are the fastest growing group on Facebook. But they can also be reached through traditional media like broadcast TV and newspapers.

“They are an audience that likes to be informed,” Christianson said.

“It’s worth getting to me,” he said. “Appreciate this market. There’s a lot of buying power there. They may be harder to get to, but if you satisfy them, they are easier to keep.”

Barbara Kim Stanton is the state director for AARP Hawaii, an organization dedicated to empowering people to choose how they live as they age.