I’m 66, married, and live outside San Francisco in a house that my husband and I have been in for 35+ years. My friends and I have just started checking the 65+ box on applications. It’s sobering.
However, if you are a retailer or a brand, pay attention to me. I could be your favorite generation. That is if you can get over your obsession with millennials. Honestly, they have many more demands on their wallets than we do!
Just for fun, I googled “gifts for 65 year olds” today. Here are some of the items that were suggested:
Cozy herbal warming slippers (I’m not excited)
Tile for avoiding misplaced keys (good idea, but I already have one and don’t use it)
Ancestry.com gift certificate (admittedly, I’m intrigued by this one)
Wine delivered to my doorstep (now you’re talking)
A custom photo throw (looked so ugly, I couldn’t believe it)
Monogrammed purse mirror (so boring)
Are you seeing the opportunity yet? Some brands are, and they are quietly benefitting from the tremendous void in the market. A recent article by Len Lewis published in the Robin Report gave the following impressive statistics: “Globally, this segment will represent 13 percent of the world’s population by 2035 and is growing four times faster than younger groups, according to the United Nations Population Division. Additionally, people over the age of 60 will drive nearly half of the growth in consumption in North America over that time period. Their smaller households drive up their spendable income and household wealth compared with other groups.”
My Instagram feed could be full of relevant products to my current lifestyle – weekend travel suggestions and related products, ideas for book groups, hikes and necessary clothing/shoes, gifts for my family – children & grandchildren. Oh, and I love Warriors basketball. It seems easy to me.
I have an idea. Reach out to me and ask me!! I’ll tell you what I need and what I don’t. I’ll tell you how much I am willing to spend. I’ll even tell you where I want to buy it – at a store, on the web, Amazon. I know the answers to all these questions. Help me help you!!
Spoiler alert, I consult one day a week at MakerSights here in the Bay Area. They help brands and retailers learn what customers want. They could help you reach me – or not. I’ll just be here patiently waiting. I’m looking forward to seeing what you come up with.
Advisor at MakerSights
Related Blog Posts
Retail's New Tech Stack
Matt Field, president and cofounder of MakerSights, shares his insights into where retail technology is headed as brands face pressure to adapt to a rapidly evolving landscape and consumer demand.