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Why mature age Australian Consumers? Because that's where the money is!

Guest post by: Graeme Smith

Article Overview: When infamous felon Willie "The Actor" Sutton was asked why he robbed banks, he replied by stating the obvious - "because that's where the money is!". That reply is equally obvious, and accurate, whenever a business owner or manager asks why their business should target mature age Australians - "because that's where the money is!".

Why mature age Australian Consumers? Because that's where the money is!

When infamous felon Willie "The Actor" Sutton was asked why he robbed banks, he replied by stating the obvious - "because that's where the money is!".

That reply is equally obvious, and accurate, whenever a business owner or manager asks why their business should target mature age Australians -

"because that's where the money is!".

The statistics are undeniable and unending, but here are some of the more compelling:

- Starting in 2010, when the first Baby Boomers turn 65, the average monthly increase in the number of Australians over 65, will be more than 20,000 -

for the next 40 years.

- The monthly increase in over 65's equates to the population of a major regional city - every month for 40 years.

- Over those 40 years, the increase in Australians over 65 is more than today's population of New South Wales.

- By 2040, there will be more than 7 million Australians 65+, a ratio of 1 in 4 versus 1 in 8 today.

- By 2050, one third of our population will be over 65.

Today's business opportunities targeting mature age Australians - the market we define as "Boomers and beyond"-- are far greater than the raw numbers suggest. While these Boomers and beyond are numerically 25% of Australia's population, they control 50% of total consumer buying power, and own 75% of the country's financial assets.

For Australian businesses with export aspirations, Asia's population over 60 is currently 385 million. Europe has 153 million.

In the recently published "PKF Business & Population Monitor", Access Economics asked the question - "How many firms have factored into their business plans the realisation that almost half of the increase in retail sales in the next decade will be to customers aged 60 and over?". Has your firm?

Particularly when working with SME business owners, I frequently revert to one of my favourite quotes - "You don't have to outspend your competitors, if you can outthink and outcreate them".

A recent experience is a perfect example of the thinking behind this quote:-

The operator of a Yoga studio has really cracked the mature age market, by repackaging her yoga sessions as "Fall Prevention Strategies for Seniors."

There's the challenge for Australian business proprietors -- how to rethink and recreate your products and services to increase their appeal to those monied mature age consumers.

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Article Tags: baby boomers, mature age marketing, selling to seniors



Related Forum Posts
Money never sleeps - Money never sleeps. This is one of the good attributes of money. So when we are busy sleeping money still roams the atmosphere looking for whom we grab it. In Forex market, 3 thrillion dollars are been traded daily. When you are sleeping in America, the Australian are in business. This is why Bill Bates is one of the richest man in the world. As customers are sleeping in America, customers in other part of the world like Australia are still buying and downloading his software. The moral of this post is that,we should bo business that is on autopilot. Whether we sleeps or not money is been paid into our bank acount. Please share your thought on this.
Re: What is the best age to become an entrepreneur? - I dont think there is a right or wrong age to start, I do think you have to be mature enough to deal with setbacks and defeats along the way though and have the strength of mind to carry on
$1,000,000 - Hi Evan, Are you talking about US Dollars? If so, that would be approx £500,000 in the UK. The Canadian Dollars differs also from the Australian Dollar. In any case, one needs to solve problems to help people to get money. The more solutions are given to people's needs to solve their problems, the closer one gets. Finally, are we talking about 'Income' or can we talk about 'Asset'? Kindest Regards Beat "Unlock People's Potentials!"
Re: MUST READ: Rules & Guidelines for Review My... - That's a pretty good mock review without ever having to buy one of those things. I think it's a good angle that they have with the diet program but not enough positioning to make it standout or justify that $100+$40. Consumers look for value these days.
Re: Hello from Perth, Western Australia - Hi Mal, Yes, it is very hot here at the minute, 36 deg celcius yesterday. I'm a UK and Australian citizen, so as far as the cricket goes, I can't lose! Cheers, Adrian


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