Are Your Marketing Experts Ignoring a $7 Trillion Senior Consumer Market? “A Booming Opportunity: The Untapped Potential of Older Customers.”

Marketers are overlooking a $7 trillion market of consumers aged 50 to 70.

A recent article highlights how companies largely ignore the over-65 demographic despite its wealth, loyalty, and growing influence. This oversight poses a structural challenge as this segment’s share of consumer spending has risen substantially.

According to a 2023 Boston Consulting Group study, 870 million people aged 50 to 70 spend $7 trillion annually. By 2050, one in four people in North America and Europe will be 65 or older, and in the U.S., this group will outnumber those under 18 within the next decade. Harvard Business School professor Elie Ofek notes that marketers often fail to relate to older consumers, who prefer emotional resonance and meaningful experiences over novelty. Brand repurchase rates for seniors exceed those of younger groups, reaching 65% for those aged 60 to 74 and 70% for those over 75. Despite this, ageist stereotypes still dominate advertising, even though studies show that positive portrayals perform better.

Marketers are encouraged to rethink their strategies to engage this expanding market more effectively.

Though Montana is not specifically mentioned, its demographic trends and cultural emphasis on meaningful experience could make this over-65 market particularly significant for local businesses. Companies here might benefit by tailoring offerings that resonate with seniors’ values and loyalty patterns.

What Brands Get Wrong About the Over-65 Market
By Kara Baskin, Harvard Business School