A consumer force to be reckoned with

In almost all western nations, the 50+ population owns the majority of their country's wealth and a significant proportion of disposable income each year.

Unfortunately, at the extreme end of the spectrum, there are still those among the oldest of the population who do struggle financially - particularly elderly widows whose pension is very slender. Rare were the households in the 1920s and 1930s where both husband and wife had a job and the wherewithal to make proper financial provision for their retirement.

But fortunately, in the post-war period, changes in people's attitudes brought about rapid changes in society, including supplementary insurance schemes, more women in the workforce, better access to higher education, etc.

Thanks to all these changes, retired people are, for the most part, among the most comfortably-off nowadays. This is not surprising. After all, they worked for over 40 years, tightened their belts to be able to pay off their mortgages and give their children an education. If all these efforts over the years did not lead to an improvement in the finances of today's retired populations, our model of society would be called into question.

Additionally, for those now in their 50s and approaching retirement, many are at the peak of their earning power, many in senior management positions, in the media, the arts, medicine, science, politics and other influential sectors.

As consumers, they have had decades of selecting and buying products so should be regarded as sophisticated, mature and affluent - and deserving of relevant and targeted marketing.

The most commonly held misconception among advertisers is that, while outgoings decrease with age, so does expenditure. An elderly consumer will have few needs or desires, and will be content always to buy the same product, preferably the cheapest one.

But the reality is quite different. With the rise in importance of the post-war generations, who did not live through the same period of hardships as their predecessors, seniors have become the top customers for many products and brands. They are the leading purchasers of private cars, mineral water, dairy produce, cosmetics, luxury travel, electrical appliances, designer clothes, etc.