Over-65s neither value nor enjoy advertising, according to new data which reveals the untapped advertising potential of the older generation.
The data was released in a new report from independent media agency The Kite Factory – titled ‘Older, Wiser, Richer and Disengaged’, which revealed that older people are becoming increasingly dismissive of advertising, with a staggering 330% gap between the number of over-65s and Gen Zs who say advertising influences their purchase decisions.
Fifteen years ago, this gap was as little as 20%.
The data also showed that only 16% of those over 65 agree advertising influences their purchase decisions, while a mere 9% enjoy ads on TV, suggesting marketing is letting older generations down.
These figures represent a problem for marketers, as consumers in the over-55 age group are typically 2.5 times wealthier than the rest of the population and more willing to spend on discretionary items with high margins.
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The report goes on to identify four factors contributing to mature audiences disengaging with adverts: a divergence in media consumption between young and old; a shift in ad investment; the under-representation of over-50s in advertising; and a change in content.
In an attempt to prevent this, ‘Older Wise, Richer and Disengaged’ offers three solutions to bridge the widening generational gap.
First, it stresses advertisers should listen to the audience’s voice through research or advisors closer to their demographic. In 2021, most creative and media agency employees were around 34 years old, with only 1% over 60.
Second, the report reminds marketers that older generations still trust traditional media like radio, TV and newspapers more than digital platforms. Despite being considered “declining”, these channels still have a lasting impact.
Finally, the report suggests advertisers should consider the context and relevance of potential channels, ensuring they align with the lives of people over 50.
“At its simplest, advertisers have been so wrapped up in targeting Gen Z and Millennials, that they have forgotten about the over-50s,” said The Kite Factory head of planning Christian Taylor.
“Twenty years ago, the over-60s enjoyed and valued advertising just as much as the rest of us, but today that’s not true. They don’t enjoy it, and unfortunately don’t see its value,” he added.
“The over-50s aren’t just grandparents, they’re an adventurous and financially-free demographic, rife with potential – if advertisers meet them in the middle.”
