It’s all about the Elastic Generation. They’re the 50-to-69-year-olds among us and account for close to 30% of the population. They are pretty important as they control 80% of the UK’s wealth, while 50-plus households account for around half of total consumer spending. However, a mere 5% of advertising budget is spent on campaigns talking to people over 50, which is clearly out of whack.
JWT Intelligence thinks it’s high time to reappraise the Elastics, which is what’s behind a new report cunningly entitled The Elastic Generation. What we know is that the Elastics are dynamic, and are continually experimenting and reinventing their love lives, careers, hobbies or styles. They have been doing it since they were born and they’re not slowing down. “They have plenty of ambitions left to fulfil and, they believe, plenty of time to do so,” the report says. “They are paving the way for future generations to live past fifty, and doing it in style. Forget the linear life - it’s all about life-loops now.”
Wellbeing is high up on the Elastics agenda. According to research from YouGov’s Wearables Tracker in 2014, 42% of those who own fitness tracking devices are aged over 45, and they value them for their functionality rather than for the thrill of being an early adopter.
And don’t think they’re not tech aware. Over 70% of Elastics say they hate the way they feel patronised when it comes to technology, while 57% are adamant that their needs are not considered when technology and experiences are designed. “The Elastics are just as plugged-in and tech-dependent as anyone else in the UK, and tech is woven into the fabric of their lives,” says the report. “Retailers ignore this at their peril and need to ensure that their omnichannel activities don’t exclude the Elastic consumer.”