Over 45s a $23.5 billion spend opportunity

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New research conducted by Colmar Brunton on behalf of News Works reveals that 50% of people over 45 years old say they plan to travel around NZ or overseas in the next 12 months, while 29% are planning home renovations.

The nationwide survey of nearly 1700 over 45s sheds new light on the spending and media habits of this growing demographic.

“And it’s no surprise that when it comes to their media habits, the newspaper plays a key role, with 79% of respondents saying they enjoy reading newspapers as they’re in control of what they choose to read,” says News Works head of marketing Diane Hannay.

But how much does this enjoyment of newspapers actually translate to spending? “The research has drawn some strong parallels between newspaper reading and purchase behaviour,” Hannay says.

“For example 59% of respondents have actually bought something as a result of seeing it in the newspaper. The figure jumps to 72% that say they decide where to buy something when reading the newspaper, highlighting the influence that the daily paper has on buyer behaviour.”

With four out of 10 New Zealanders already in this age bracket projected to reach 42% of the population by 2020, it’s time advertisers took a closer look at this opportunity, she says.

“Advertisers have been very eager to appeal to the millennial generation for some time, often favouring digital and social media channels to reach them, while the Over 45s appear to slip under the radar a bit as a target market.”

Colmar Brunton executive director Chris Vaughan said: “They represent a largely untapped opportunity for businesses when you consider that outside of campaigns for funeral cover, retirement villages, home building and travel, boomers hardly feature in advertising.”

Vaughan believes if other categories such as cars, banks, technology – to name a few – took this segment more seriously they would reap the rewards. “The key to that is understanding more about the dynamics of the over 45s and that doesn’t necessarily come naturally to average New Zealand marketers who are in their early 30s,” he said.

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