The 1970s “All in the Family” made us all familiar with the song “Those Were The Days.”  Fast forward to today and WOW…we have redefined “senior” and “Those Days” are gone forever.

First, some some statistics from about the aging of America:

• Someone turns 50 years of age every 60 seconds.

• By 2020, the senior population will number approximately 115 million

.• Today 5.5 Million people in the U.S. are over 55 years of age and 34 million are over 65 years of age – and that figure is expected to double by 2030 when 20% of U.S. residents will be 65 and older.

• The 55+ age group controls 75% of this country’s wealth, and the 65+ age group has twice as much income as the average baby-boomer.

• The 85+ age group is the fastest growing segment of the population.

• The current senior population possesses over $900 billion in buying power.  

Not so long ago, turning 30 meant that one had passed middle age and people had a life expectancy of about 46. Today, the life expectancy is somewhere around 76 years of age. The definition of senior sure has changed! 

 
Seniors of today use their financial resources to stay both mentally and physically healthy. They travel, buy computers, try new hobbies, volunteer and basically enjoy life.  

With the ‘new senior’ also comes the new consumer. Over their lifetime, this group has heard a lot of messages about a lot of products. There is not much they have not experienced and thus are very savvy shoppers.

In fact, seniors are the fastest growing group of Internet users, and use it they do. Some 65% of those between 50 and 64 use the Internet for communicating, for organizing groups of people with like interests, for shopping, and for connecting with family and friends.

Would Mom Patronize Your Place of Business?
Seniors purchase more than 40% of new cars and over 80% of all luxury cars. Are you prepared for this very large and very diverse group who have the time and the financial means to patronize any business they choose?   

Do an evaluation of your property inside and out.   Is the parking lot safe and free of debris?  Is the inside neat, clean, and free of clutter? Are the customer waiting rooms and bathrooms appealing? Is there a clean, quiet area where someone could spend time waiting for their service to be completed. Are there private areas where phone calls and computer usage can take place? Is the music in the background relaxing and appealing? Is the TV station a generic one that is enjoyable for all customers? Do you have employees who are also seniors? After all, your place of business should reflect the marketplace where you do business.  

Marketing To Seniors
The new seniors are a very diverse group. For the first time in history, parents and children are members of the senior population. Their experiences run from the Great Depression to rebuilding the country after WWII to the Civil Rights movement to Vietnam to the current economic environment.  

Today’s seniors are very active and involved in their destiny. They are also very consumer savvy. If you offer specials or discounts, make sure that the promise is delivered and it exceeds expectations.

 Being involved in the community is a basic premise of any business and involving your customers in this effort will go a long way into building loyalty of seniors to your establishment. Seniors are volunteering in unprecedented numbers and they would be a great resource to work with your organization to help the community. If you have a place for meetings, make it available to the senior members of your community. This will help get the word out that you are a place of business that values the senior citizens in the community.

In addition to the population aging, the gender mix is also a factor. At this time, women live longer than men and thus the new senior group is populated with more females than males. And women of all age groups still comprise 65% of all service business. Conducting vehicle clinics for senior women or holding a Senior Women’s Night at your dealership to help with education of vehicle maintenance will go a long way to enduring them to you and create loyalty.   

Companies that are not focusing on the new senior market are handing over a huge portion of business to those who are catering to this very large and diverse consumer group. While it is inappropriate to lump this multi-faceted group of the new senior into one large category, it is just as inappropriate to ignore the impact they have had and will have on the economy and the future of our country.  

How are you reaching this very important new senior consumer?

Patricia Roberts is the director of business development for AskPatty.com