The UK has a maturing population. The core demographic of the future is the 45+ age group who are often misportrayed in the media, yet have the most spending power. They account for 54% of the population and over 60% of income/spending.
They dominate wealth, income and consumer spending in the UK. Employment rates for this group are higher than they have ever been, and they own or are continuing to set up businesses that expand their wealth, which is already healthy due to higher rates of property ownership.
The view that brand loyalty is formed by the age of 30 is wrong. The more wealth you have, the more choices you have. In fact, 45-64s are consistently less brand loyal than other age groups.
Over 45s are a true multimedia generation. They are a core television audience and account for over two thirds of all TV viewing.
Over 45s are shaping cultural behaviours with the power of numbers. They will continue to represent the core of the audience and they will continue to represent the core of consumption and of asset ownership for decades to come.
- There are currently 29 million over-45s, and this number will rise to 32 million in the next ten years
- Today they account for over 60% of income and expenditure in the UK, and an even higher proportion of total wealth
- And they consume vast amounts of content, including 60% of all video viewing
- 45-64s are consistently less brand loyal than other age groups – they are not just big spenders but are happy to switch brands and services
- 96% of over-50s do not believe that advertising is targeted at them