Did you know that 1.7 million (85%) Australian Seniors and 2.8 million (64%) of Boomers are grandparents.
They are more actively involved in their grandchildren’s lives than previous generations and a powerful economy for marketers and retailers.
‘The Grandparent Economy’ by Lori K Bitter explores how the world’s growing grandparent population is shaping the world’s economy and improving the lives of multiple generations of their families.
Some of the key findings include:
- 43% of grandparents purchase clothing for grandchildren, spending an average of almost US$1,000 annually
- With US$400 billion in spending on goods and services, people 55+ are outspending younger consumers two to one online
- Tablet penetration has grown from 35% top 41% and grandparents now account for 25% of mobile transactions.
At Evergreen we understand the psychological changes that occur as men and women age. Younger men typically have a desire to conquer and dominate but as they age men are more interested in loving relationships and being wanted and needed. Conversely in many cultures women gravitate to more masculine tendencies and become knowledge seekers and more assertive. Is there an explanation for this? Many attribute the changes to hormone levels in combination with life stage events and experiences.
When marketers embrace life stage marketing then real brand engagement can flourish. Whether it’s building workshops and DIY programs for grandfathers wanting to pass on their knowledge to younger generations, or financial planning seminars for older woman wanting to create their legacy with a new business start-up or best seller – today’s grandparents are re-shaping the silver economy. David Stewart the founder and face of AGEIST expressed it well.