- Don-Alvin Adegeest |
London - The fastest group of online spenders are the digiboomers, better known as the over-55s. Currently a market worth 14 billion pounds, over-55s account for over two-thirds of all retail activity and more than a third of the population, yet just 22 percent of marketers currently target this demographic via digital channels, if they are not ignored alltogether.
Research undertaken by Greenlight shows 76 percent of over 55's shop online at least once a week and are set to spend 14.45 billion pounds on the web in 2015.
Marketers would do well to forecast and begin targeting this important age group in order to secure brand interest and loyalty for the future.
Marketers should target the 'grey pound'
Andreas Pouros, COO and co-founder of Greenlight told The Telegraph Online: “Online retailers should spend less time chasing the youth market and concentrate on winning the “grey pound.”
"Here lies an audience with more disposable cash, which is totally suited to e-commerce; eager to compare products and prices, shop flexibly and have products delivered to their door."
He noted over 55s tend to read "blogs, shopper feedback, news articles or even Google reviews" rather than relying on social media preferred by a younger demographic.
Furthermore they also have the time on their hands to make comparisons and are much savvier with technology then they are given credit for.
Greenlight says the websites that are more practical and simple are winning over the older demographic as they "find online shopping less tiring without queues or crowded shops" and marketers will be able to "win over this demographic by making online purchasing quick and easy."
Despite the research, Greenlight warn that marketers shouldn't group everyone above 55 together: "As consumers move closer to retirement age (65+), online spend is seen to drop… suggesting that older shoppers are less trusting in technology.
“Shoppers over the age of 65 show a preference for shopping in physical stores where customer service and human interaction is more prominent, increasing their high street spend.”Photo: Advance Style