There are over 6.3 million over 50s in Australia – they make up over 30 per cent of the population. Their spending habits are therefore very relevant to anyone looking to capture the ‘silver dollar’, as it has been dubbed by marketing professionals (but trust us, it’s not a term anyone over 50 will appreciate being applied to them).
YOURLifeChoices Retirement Insights Survey 2014 received responses to 45 questions from nearly 7500 Australians aged over 50. We questioned our members on a range of topics, but here we share insights about their spending habits.
Fast fact: 70.6 per cent of over 50s shop online
So what are they intending to buy over the coming year?
- 71.3 per cent intend to purchase vitamins and supplements. 19.5 per cent will buy them online.
- 76.1 per cent intend to buy glasses. Only 3.6 per cent will consider purchasing them online, however. There are a number of possible reasons for this. They might feel more comfortable purchasing from an optometrist with whom they’ve built up a relationship. Others may be unaware of, or uncomfortable using, software to try on frames online.
- 47.1 per cent intend to purchase health insurance. Of these buyers, 43.6 per cent will get their health insurance online.
- 46.2 per cent intend to buy whitegoods and 17 per cent will be shopping for their new fridge or dishwasher online.
Our research also tells us that the number of Australians aged over 50 who are shopping online is steadily increasing. Two of big drivers when making a purchase are brand loyalty and finding the best deal.
What do you think? Is your company missing this market? Do you feel like you know how to reach and talk to Australia’s over 50s?