I’ve always thought, but now know, that this tribe of South African 60-plussers are an untapped audience. They are high potential consumers and marketing’s most valuable generation. The cherry on the top is that they present an extraordinarily lucrative opportunity for business.
60-plussers embrace longevity with ambition, purpose, and wealth. They have been bucking trends for decades – I know, I am part of this tribe. Marketing to the 60-plus consumer is an opportunity waiting to happen…
Although I am the founder of You’ve Earned It/YEI, the digital media platform for South African 60-plussers, the reality is that YEI found me! Without looking for it, I fell into the world of entrepreneurship, in this case senior entrepreneurship.
As an aside, I’m not fond of the word “senior” – the connotation is that I’m old, and I don’t feel old, I don’t act old! My tribe will agree.
YEI came to life in 2008 as a book published by Juta. When it became crystal clear that the only way to keep the information current and relevant, the book morphed into an online platform in 2011.
YEI’s primary focus is now two-fold – on-point, hot topics relevant to this age group (we recently featured a Mediterranean island as a possible retirement destination) and offers, deals, and benefits (think car hire with preferential rates for 60-plussers, purely because 83% of our readers have indicated that they are planning local travel in the next two years).
YEI has curated a platform that provides valuable information for South African 60-plussers across the key pillars of finance, health and wellness, retirement, lifestyle, and travel, providing products and solutions that suit all 60-plus individual needs. Plus, there are some jolly good reads.
60-plussers are the country’s fastest-growing demographic segment, rebelling against the age-old retirement trend even though they are well established members of society.
The enigma
The audience grows and it is still an enigma that 60-plussers are a trifle ignored by marketers. Why? Is it ageism? Is there a perception of no value in this market? Is there an unwritten ‘No Olds’ rule?
Allow me to change your mind – 60-plussers’ attitudes and affluence may surprise you…
After a series of surveys in 2023, YEI released the YEI Guide to the 60-plus Consumer. It is a detailed consumer snapshot of the modern, digital-savvy 60-plus South African, using insights that emanated directly from YEI respondents to the surveys.
This Guide was released earlier this year and we found the numbers to be extraordinary:
- There are eight-million 55-plus South Africans, among which 5.2-million South Africans are aged 60-plus
- The numbers are projected to more than double between now and 2050
- 55-plussers have an aggregate taxable income of over R600-billion annually (information from the UCT Liberty Institute of Strategic Marketing’s recent Forerunner report)
- This is a rapt audience representing a huge market of people waiting to buy services and products
We looked at why and what makes this 60-plus market so important; 60-plussers are the country’s fastest-growing demographic segment, rebelling against the age-old retirement trend even though they are well established members of society.
Reshaping consumer behaviour
The thought that they are generally considered to be firmly entrenched consumers of products and services is wrong. This generation is redefining expectations of retirement and ageing, precisely as the Harvard School of Public Health predicted.
They are reshaping consumer behaviour, have more disposable income than other demographics, have been brand loyal but are displaying an “itch to switch”, are actively looking for property, investment, health, lifestyle, and vehicle options, and are staying economically active for longer.
Think about it – 60-plussers were the fathers of the internet. It’s technology and social media that have helped 60-plussers set new trends for their generation. They may be active on social media but still love to engage in real life.
Not old nor tired
Traditionally, marketers have steered clear of the 60-plus market. However, YEI’s recent survey series, backed up by recent research done by the UCT Liberty Institute of Strategic Marketing, doesn’t just suggest, but screams out that brands with relevant products, services, and solutions would do extremely well to consider the digital-savvy 60-plusser and their nuanced dynamics.
In the past, a small percentage of advertising has been targeted at this demographic. However, I would highly recommend that marketers take a good look at the senior market and tailor their strategies accordingly to better serve the distinct needs and preferences of the South African 60-plusser.
YEI’s brand-new media kit demonstrates how this age group is not old, nor tired, nor set in their ways. To the contrary, they are vibrant, active, have wealth. I cannot shout more loudly from the rooftops that you really need to be engaged with this market. 60-plussers will support purpose-led advertising that aligns with the values of this demographic.
A guide to the 60+ consumer
The You’ve Earned It/YEI Guide to the SA 60-plus Consumer gave us a clear understanding of the 60-plus audience. The YEI Consumer Guide speaks to the new trends of the SA 60-plusser, plus their needs and preferences, and is packed with data and insights emanating from the YEI surveys.
Research and data demonstrate that the Longevity Economy – or the Silver Economy as some call it, is transforming society. 60-plussers are deemed to be one of the highest contributing sectors to our society. Longer lifespans will revolutionise the way we live, offer incredible new opportunities, and require change in the way people plan and save.
Digital marketing campaigns are key opportunities for organisations to expand engagement with a very valuable 60-plus senior audience, while tapping into the spending power of the growing number of 60-plussers in this country.
The perception of senior-centric organisations, including YEI, is that brands and marketers have been reticent to spend time and attention on the 60-plus consumer.
Spending power
The late Mike Schüssler, South African chief economist, said way back in 2019: “Pensioners are becoming increasingly important in the South African economy. Pensioners account for about 10% of SA’s GDP. In total, South Africa’s pension assets are about the eighth largest in the world.
“Economists are in agreement that South African retailers, businesses and organisations should tap into the spending power of the growing number of pensioners.”
Partnering with a relevant platform with specifically-created marketing campaigns that are in line with the needs and the characteristics of baby boomers is extremely worthwhile. You really don’t want to ignore the spending power of the South African 60-plus market!
The world of the 60-plusser is shifting in many respects. The global trend of “The Great Unretirement” is high on the agenda of many 60-plussers. Most 60-plussers understand the necessity of leading an active and healthy lifestyle, while older adults are embracing technology.
This is, without doubt, a vibrant market. There is no better time than now to truly understand this incredible generation.
YEI platform links
You’ve Earned It/YEI Guide to the South African 60-plus consumer
Website: https://youve-earned-it.co.za
Newsletters: https://youve-earned-it.co.za/e-newsletters/
YEI Facebook page: https://www.facebook.com/youveearnedit
YEI WhatsApp groups: https://youve-earned-it.co.za/join-a-yei-whatsapp-group
YEI Media Kit – available on request
Marilyn Hallett is the founder and director of You’ve Earned It /YEI, a digital media platform for South African 60-plussers. Hallett became a social entrepreneur by default, having launched into the world of 60-plussers at high speed after coming from a 30-year background in academic recruitment. With research and writing as a long-time passion, it became clear when researching the myriad of challenges and opportunities of this demographic, often termed as the “silver tsunami”, that this was a field she wished to pursue.
