Ignoring The “Silver Economy” Will Be Costly For Wellness Brands
Is it time for wellness brands to start channeling their inner Silver Fox and Gray Panther spirit animals?
Populations are aging radically different than previous generations, yet most wellness brands completely overlook them. From a business perspective, you can’t help but think this oversight is a huge missed commercial opportunity. From a societal perspective, this omission will only worsen the looming senior care crisis. Truth is, today’s retirees start businesses, run marathons, and travel widely. It’s no longer the “I’ve fallen, and I can’t get up!” commercials of the late 1980s.
When you combine the generation’s substantial wealth accumulation with its growing interest in longevity, seniors have put a premium on wellness. That being said, seniors only attract a small proportion of global marketing budgets and even less of the global innovation dollars. Everyone from Peloton to Apple to GHOST have traditionally focused on the highly coveted consumer psychographic known as H.E.N.R.Y., which stands for “high earner, not rich yet.”
It seems everyone else is an afterthought, but that’s slowly changing as many startups realize seniors are an active, vivacious, and connected group of consumers deserving of the same aspirational attention lauded on younger cohorts.
Silver Fox & Gray Panther Stats
Until 2030, the “silver economy” will gain even more absolute strength because the number of seniors is growing by 3.2% every year. By 2030, they are projected to spend just under $15 trillion, up from $8.7 trillion in 2020.
Baby boomers have 9x the net worth of millennials
61% of those 65 and older own a smartphone (and 83% of those 50-64)
45% of those 65 and older use social media (and 73% of those 50-64)
65 and older aged consumers are the fastest-growing group of online shopping
17% of those aged 50+ use a smart watch or health tracking wearable
Did some of these stats have you rethinking dated views?
Millennials = Baby Boomers
Contrary to popular belief, baby boomers have more in common with younger generations than the ones before it. Millennials and baby boomers increasingly mirror one another in adopting wellness habits. A great way to see these mimicked behaviors play out is through the “same but different” wellness startups in various consumer categories.
Telehealth
Hims & Hers (Millennials)
Gennev (Seniors)
Connected Fitness
Peloton (Millennials)
Mighty Health (Seniors)
Beauty/Personal Care
SKKN by Kim (Millennials)
BOOM! by Cindy Joseph (Seniors)
Don’t Generalize Seniors
If you’re thinking about building a wellness brand within the growing “silver economy”, you will need to pick a lane. It’s naïve to assume seniors constitute a cohesive group that all possess identical concerns and desires. Don’t try to capture the full breadth of psychographics of this gigantic market.
Final Thoughts
None of us can control that “father time” will keep ticking away, but there are controllable elements within the aging construct that could improve healthspan. With an increasingly larger proportion of seniors understanding that, it will transform the way future generations look at the final third of our lives. Unfortunately, a lot of wellness brands still suffer from a myopic view of the 50-plus market. As the size of this market (and its immense wealth) grows, can wellness brands afford to continue ignoring them?