To paraphrase a baseball analogy, the long held belief by marketers was that the 25-54 was their proverbial “sweet spot.” However times have changed and many marketers are now striking out.
It is ingrained into every marketer’s soul… the 25-54 is the most-desirable demographic. I don’t care what it is we’re selling we have to focus on this demo. I can tell you as one who worked in marketing departments of two Fortune 500 companies, this credo was hammered home on more than a few occasions.
But those marketers who still adhere to this antiquated edict are missing out of a pool of 180 million customers in the United States alone, this according to data from Nielsen.
According to Nielsen there is a general misconception regarding the under 25 as well as the over 54 demographic.
“A general understanding of those aged under 25 and over 54 is lacking. Many of the long-held beliefs about these groups’ purchasing and media habits are just plain wrong.”
“The over-55 age group is important not only because of their growth rate, but also because their value as consumers and their relevance as media users. The misconception is that spending drops for people in this age group, and that they’re set in their ways. But those in the 55+ age group are just as likely to switch brands as those aged 25-54, and the two groups’ buying rates almost match.”
In fact the data reveals that the 55 and over and 24 and under demographic have very much in common when it comes to their spending habits on consumer product goods (CPG).
And speaking of the younger crowd, Nielsen predicts that by January 2012 almost half of the 12-24 market will be multicultural compared to just 37% of the 25-54 market and 24% of the 55 plus market.
And don’t think this younger crowd isn’t worth paying attention to.
“This age group is extremely important as a point of entry for products and brands,” said Joe Stagaman of Nielsen. “Capturing the culture and attitudes of those in this group allows manufacturers and retailers to establish and build their brands with these consumers as they age.
There are some additional findings of note such as…
- The 55 plus crowd spends the most time watching TV during a given day
- And they spend more time online than do their younger counterparts
- When it comes to purchasing an electronic device such as a tablet or smartphone, more families seek out the counsel of the younger demo
So, Mr. and Mrs. Marketer, are you ignoring the 180 million potential customers?
Are you including them in your strategies?