The 60+ advantage: Why marketers can’t afford to ignore them

India currently boasts a population of over 150 million individuals aged 60 and above, a figure projected to double by 2050, as reported by the United Nations Population Fund (UNFPA).

One-third of this demographic is affluent, boasting a high level of disposable income. Furthermore, half of this group actively seeks new products and services not only for themselves but also for their families, including children and grandchildren. 

This group is also one of the most generous when it comes to gifting. Whether it's large televisions or double-door refrigerators, those aged 60 and above are consistently willing to spend money on their loved ones.

Some reports indicate that the silver economy in India will control assets worth $1.5 trillion by 2030. Individuals aged 50 and above possess, on average, ten times the accumulated wealth of those under 35.

The economic power of the 60+

Despite these facts, the cohort aged 60 and above remains under-researched and under-represented in marketing and media. 

Stereotyped in ads and depicted as frail, unfamiliar with technology, and dependent, this group has been traditionally limited to being shown as needy and physically/emotionally unprepared for life as a senior. 

The popular culture of the day is very blinkered and restricted when it comes to seniors, always portraying them as needing someone to 'help' them or lean on.

The research report from Gen S Life, conducted in partnership with YouGov Profiles, revealed that 43% of the 60+ cohort is currently employed, with 27% of them working full-time.

At any given time, up to 30% of them actively use or seek technology products. Around 40% are interested in purchasing a car within the next twelve months, while 41% dine out more than once a month.

The reality of a large section of this group is very different from the popular myth. Affluent seniors are spending both time and money on travel; they are increasingly shopping online, attending events and concerts, and investing in their physical and mental health. 

Most of them have more time and more money than the average thirty-year-old, making them the perfect audience for brands that are truly invested in catering to their needs. 

However, the social stigma is something that brands shy away from. When I started working on this cohort (I am 66), I went out and spoke to a large group of marketers; many brand owners were coy. 

They were hesitant to discuss this segment publicly. Although they recognised that this group represented a valuable consumer market, brands were apprehensive about being linked to the 'age' tag. 

They believed that catering to this cohort would alienate younger consumers and make them look like a brand 'for old people'. 

This belief stems from the perception that older individuals are viewed as irrelevant and uninspiring. They reflect the prevailing negative narrative surrounding age. 

While everyone applauds a Zeenat Aman or a Neetu Singh as poster girls for the cohort, there are still people on social media who will trash these celebrities for the fact that they dare to wear stylish clothes and makeup and don’t behave like the quintessential naani or daadi. 

These beliefs, and ageism, stem from social chatter and the narrative that we’ve believed for so long—that old age means retirement and health problems. 

'Behaving your age' is a phrase often directed at seniors, with politicians being the notable exception. In their case, age is viewed as an asset rather than a drawback.

The narrative needs to change

It has become a vicious cycle. We tend to accept that it is normal to experience illness if you are above a certain age or to withdraw from social life. It is unfortunate that the 59-year-old Milind Soman, who is fit, and the 66-year-old Neena Gupta, who is both fashionable and spirited, are considered exceptions rather than the norm for this demographic. 

Because we have embraced the stereotype of ‘boodhi nani and bechare nana’, believing that this demographic finds fulfilment solely through their relationships with children and grandchildren, we tend not to actively pursue our health, social, or financial objectives. Also, there is little expectation for us to do so. 

This mindset carries significant implications. According to the World Health Organisation (WHO), ageism is linked to a reduced lifespan (by 7.5 years), diminished physical and mental health, and a slower recovery from disabilities in later life. 

We must now encourage seniors to embrace life to the fullest, as this is increasingly acknowledged as a crucial social imperative. 

Cultivating resilience among our seniors is essential, particularly as life expectancy increases. It is important for them to comprehend the distinct realities of living in their 60s, 70s, and 80s. 

Each decade brings new challenges. While women tend to outlive men, many are not well-informed about money management, which can lead to financial difficulties as they age. This presents a big opportunity for banks and financial institutions. 

Our research shows us that most seniors invest in FDs. Many of them are unsure about mutual funds and other financial instruments. This is where smart marketers need to step in. 

Building a relationship with an older consumer may take a bit longer, but once you connect, then they stay engaged for decades.

As a society, collectively, we need to work towards a healthier, happier image of senior individuals. Once the narrative changes, behaviour will change. 

We need more films like Vijay 69, which document the determination of a 69-year-old striving to complete a triathlon. Additionally, we require stories such as Nyad, based on the true account of Diana Nyad, who swam from Cuba to Florida at the age of 60 without the protection of a shark cage. 

We are doing that with our podcast ‘Kahaani Abhi Baaki Hai,’ where Taraana Raja hosts conversations with 60+ celebrities who have lived their lives full of vim and vigour and who continue to celebrate their lives. This series will shortly be on Shemaroo.

Our Real Heroes series showcases war veterans who have fought battles and lived to share their tales of valour with us. These are all seniors who are redefining what it means to be above 60. 

This series will soon be on SonyLIV. Our intention is to get seniors to revisit their lives. Stimulate their passion and purpose, be inspired, and then brands will follow.

Progressive brands win

Our study with YouGov Profiles shows that the 60+ are working out, tracking their health, investing, and saving for holidays, and six percent are even on dating apps. Why would anyone overlook this affluent group?

Research also shows that inclusive advertising devoid of stereotypes has a positive impact on sales and brand equity. 

The Unstereotype Alliance, an industry-led initiative convened by UN Women, released findings that show that inclusive ad campaigns deliver 5% higher shorter-term sales and 16% longer-term sales, 62% higher likelihood of being a consumer’s first choice, and 15% higher customer loyalty. 

There is no doubt that the 60+ cohort can have fulfilling, healthy, and happy lives and have needs for products and services like any other age group. 

There is no justification for sidelining a demographic that possesses significant financial resources and a zest for life. What is needed are considerate businesses that address these requirements and marketing strategies that effectively engage the 60+ audience.

(Our guest author, Meenakshi Menon, is the Founder of GenS Life, a platform dedicated to redefining life after 60.)