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Research Outline
Prepared for Aaron C. | Delivered May 8, 2020
Marketing to Senior Citizens
Review your project details
Goals
To learn about the purchasing power of senior citizens and to understand how to market health equipment to senior citizens.
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Early Findings
According to estimates from the U.S. Census Bureau, roughly
16%
of the U.S. population was 65 years old or older in 2018.
"Americans over 50 account for
$7.6 trillion
in direct spending and related economic activity annually and control more than
80
% of household wealth."
"Bank of America Merrill Lynch projects that the global spending power of those age
60-plus
will reach
$15 trillion
annually by 2020."
"Senior citizens spend just under
50
% of all purchasing dollars in the United States. They comprise more than half of depositors in financial institutions, and control nearly
70
% of all assets in the United States."
One survey found that more than
80
% of seniors said they are taking greater responsibility for their health.
66
% of seniors use the internet to get health or medical information.
Marketing to Seniors
82
% of adults age 65-69 use the internet daily and shopping is their
second
preferred online activity.
"More than half of older internet users watch video content daily, and
75
% of adults have taken action based on a video."
Baby boomers (typically aged
65-74
) make up
41
% of the eCommerce market.
"
69
% of adults between
50-64
and
40
% of those
above 65
use social media."
41
% of Facebook users are 65+ and
58
% of adults above the age of
56
use YouTube.
"
82
% of seniors use search engines to find information on topics of their interest."
"Make it easy for senior shoppers
to call
. This includes using call extensions on Google Ads, making “call now” an action on web pages, and including a call option on web forms", as phone calls are also said to convert to
10-15x more revenue
than web leads.
77%
of older internet users need someone to help walk them through the process of learning to use new technologies.
Summary
For the initial hour, we were able to identify some early insights on the purchasing power of senior citizens and some recommendations on marketing to them.
We found that Facebook and YouTube are popular among seniors, and could be useful platforms to market health equipment to them. Additionally, it is recommended to assist through
phone calls
as they typically need someone to walk them through the use of new technologies.
We can continue the research to create a demographic profile for senior citizens in the US. Please let us know in a comment below if another country or region is preferred. We can also continue the research to identify additional insights on marketing to seniors.
Feel free to add or select an option below.
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