Why Businesses Should Not Ignore The Senior Audience
28 Apr 2021
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Why Businesses Should Not Ignore The Senior Audience

Why Businesses Should Not Ignore The Senior Audience

When the Internet first became easily available in 1983, it was considered a technology exclusive to younger people and tech-savvy. The World Wide Web is no longer a dedicated cyber hub for tech geeks and youngsters; it has become a free for all domain that almost anyone, regardless of age, can explore. Furthermore, it has become hard to avoid in your everyday life. 

Seniors may be the smallest group among the active social media users, but they are present on Facebook, and the number of users over 50 is constantly growing. In the United States alone, 46% of seniors use Facebook, 38% are on Youtube, 15% are on Pinterest, and 11% are on LinkedIn. In Australia, there are over 15 million active Facebook users. According to the Australian Bureau of Statistics Population clock, in 2020, there are approximately 2.8 million FB users within the 55 and above age range and 4.1 million users aged 40-55. In a report from Hootsuite, the 55 and above age range only comprise 10% of FB's advertising audience, but it is expected to double as the middle-aged population are aging. 

As the digital world citizen has become more diverse, more businesses can reach their potential customers online. Contrary to the normal assumptions, senior citizens from age 55 and above are the fastest-growing audience on Facebook alone. If this isn't reason enough to convince you to get online, read on and let us convince you.

Seniors Embrace Technology 

Regardless of age and gender, people are embracing technology. In research conducted by AARP Research in 2017, over nine out of 10 seniors own a desktop or computer. While seven out of 10 individuals age 50 and above own smartphones, and four out of 10 use tablets to access the Internet and browse social media. The rise of the popularity of automatic folding scooters, health-related apps, home automation systems, and smart appliances that cater to the older population bracket is only a few pieces of evidence that seniors are taking their tech seriously.

Seniors Can Be Tech-Savvy Too

Besides connecting to the Internet, the seniors who participated in the 2017 AARP Research mentioned that aside from the traditional technologies that most over 50+ are used to, like desktop computers, a sizable number of elders are using their devices to manage medical care and to learn online. 

In a report from Statistica, in January 2021, roughly 80% of the population are active on social media compared to just 58% in 2015. This rising trend only shows that the Internet has become part of their daily lives, and they rely on it in almost everything they do. They use the Internet to send emails, check social media, stream videos, play games, make purchases, online banking and stay updated with the latest news.

Seniors are also not as old-fashioned as they are perceived. In fact, they are catching up to the younger generations when it comes to the latest gadgets like smartphones and tech wearables. They also have a wide range of interest from automotive, travel, health and fitness. 

Seniors And Their Purchasing Power

It is predicted that the aging population will continue to grow in a couple of years to come. This trend is caused by a lower birth rate and a longer life expectancy among seniors. In research conducted by Accenture in 2017, it is projected that 22% of Australians will be seniors by the year 2057. While some businesses are setting aside the senior group and focus more on the younger age bracket, the former actually has higher spending power. 

In an article from webalive.com.au, it is mentioned that Australians age 65 and above have significantly more wealth than the rest of the age groups. Most of them receive a full pension, and they don't worry about work-related expenses. Furthermore, they don't need to spend on their children, and they have usually paid off their liabilities and mortgages. 

According to Australia's Department of Human Services Annual Report 2017-18 conducted by RMIT and NZ, older Australians are more financially stable than the younger ones. Thus, marketing to seniors should really be taken into great consideration.