Mark Twain said, "Age is an issue of mind over matter. If you don't mind, it doesn't matter." The trouble is that our industry does seem to mind, a lot.
So here’s an example…
Can you guess the average age of a new car buyer in the UK?
Here’s a clue - spending by the over 50s is so high vs. younger age groups that they account for the majority (60%) of all new car sales. In fact. the average age of a new car buyer in the UK is 54. Yes, you read that right.
The majority of new cars are bought by people in their fifties, sixties, and seventies.
The average age of a new Ford buyer, for example, is 56. For Toyota, it’s 63! Even cheap, fun Fiats are bought by people whose average age is 49. (Source: Read Cars 2018).
Here are the numbers:
I found this quite an eye-opener, but what about all the car marketers out there?
It goes to reason that knowing who's actually buying their cars should form the foundation of every car brand’s marketing and advertising approach.
Yes, make the car look great, make the lifestyle aspirational, throw in the bendy road sequence, but connect with your key audience. It’s pretty basic really.
And yet, this just isn’t happening.
To demonstrate, I reviewed recent UK TV ads for these car brands - take a look at the screen grabs below, it’s astonishing.
Not only do these brands ignore their primary audiences, they actively knuckle down on their obsession with youth. Believe me, these shots don’t do justice to the full crazy reality - skateboarders, clubbers, and sexualised twenty-somethings who real car buyers would never allow out of the house.
I’m sorry to go on about this but in their obsession with the vibrancy and ‘appeal’ of youth, advertisers are making a terrible miscalculation.
The over 50s are the most valuable generation in the history of marketing, yet they are almost completely ignored by advertisers - according to Havas Group, only 5% of advertising is even aimed at people over 50, and that can often appear inauthentic, patronizing and out of touch.
This has a direct impact on brand choice. A staggering 79% of over 50s claim they feel patronised by advertisers, whilst an AARP survey found that 62% of over 50s (and 70% of women 50+) would consider switching to a brand they feel better represents people their age.
So the folks with the money buying most of the stuff are not brand loyal and will readily drop brands that don’t speak to them…or actively choose brands that do.
So what’s the answer?
A great first step would be for agencies & marketing departments to ensure they are better represented themselves at all age levels.
Can a 60 year old still create an aspirational impression? Of course. But first agencies need to understand that the over 50s do not spend all their time buying slippers and walk-in bathtubs. But nor do they all sit dreamily on yachts arm-in-arm thanking the Lord that they chose the right pension. Just get real!
Age does not have to be an unsavoury thing, best avoided. Instead, agencies and marketers must open their minds to the huge untapped opportunities that older audiences offer.
They might even sell more cars.
~ Simon Derungs