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In general, this is a privileged group having profited from rising property values, free university education, social mobility and decent pensions. In short, this group is an economic powerhouse – the biggest and richest group of pensioners in history. Many will spend more time in retirement than they did working and for these people, retirement offers the opportunity to explore old interests and discover new ones.

But just as the term ‘millennial’ should not be used as a catch-all term for younger people, treating mature consumers as one large aggregate group fails to recognise that this diverse, experienced and sophisticated audience has many different values, interests and lifestyles – all of which directly influence their buying habits.

Our Experience
For the past 5 years, we have been an active member of the Mature Marketing Association (MMA) – the only formal group in the UK dedicated to understanding and marketing to the over 50’s market. In 2019 we were commissioned to undertake a series of annual reports for the MMA looking at the over 50’s market, decade by decade, in order to better understand their profile, attitudes and opinions, media usage, aspirations and brand preferences.

The first report, entitled the Formidable Forties, looked at the decade just before people enter their 50’s. Whilst this group lies outside of the traditional mature boundaries, it represents an important group of consumers who may be dealing with the twin pressures of looking after young children and ageing parents at the same time. However, the good news in that the Formidable Forties are recognised to be the most influential consumers in the UK – earning, spending and contributing more than any other group. In other words they are a demographic that has reached ‘peak spending power’.

Other research commissioned focusses on the potential for mortgage and other financial products for those in retirement and an in-depth study about the issue of longevity to inform curriculum development for a major higher education establishment.
Insights & viewpoints
The plight of the over 60’s has come into sharp focus, following the outbreak of Covid-19 in the UK. While the emphasis has been protecting those in this age group and those most vulnerable, less attention has been paid to the specific needs of this group in terms of products and services.

Despite all the challenges, this group is expected to grow exponentially in number over the next decade and for many they will be sitting on sizable wealth. This will present marketers with a tremendous opportunity, as long as they can keep pace with their evolving needs and understanding the best use of a mix of media to reach them.
Client Testimonial
“Purple Market Research did a great job putting the first report from the MMA together and we are really looking forward to further reports in the series. Stephen was easy to work with and very accommodating of all our queries and questions throughout”.

James Lancaster
Mature Marketing Association